MetLife to separate from Brighthouse Financial in an 80.1% share distribution
In a regulatory filing Brighthouse Financial said: " We are sending you this information statement in connection with the separation of Brighthouse Financial from MetLife. To effect the separation, MetLife will distribute at least 80.1% of the shares of Brighthouse's common stock on a pro rata basis to the holders of MetLife common stock. We expect that the distribution of Brighthouse common stock will be tax-free to MetLife's U.S. shareholders for U.S. federal income tax purposes, except for cash that shareholders receive in lieu of fractional shares. No trading market for Brighthouse common stock currently exists. We intend to list Brighthouse common stock on the New York Stock Exchange under the symbol "BHF". Assuming the Brighthouse common stock is approved for listing, we anticipate that a limited trading market for Brighthouse common stock, commonly known as a "when-issued" trading market, will develop on or shortly before the record date for the distribution and will continue up to and including the date of the distribution. We anticipate "regular-way" trading of Brighthouse common stock will begin on the first trading day after the distribution date.We intend to list our common stock on the NYSE under the symbol 'BHF'."