-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NRNBDF5q1YeO7OZJSbusOf6D1L9+sHoYZVK5URtDkLoP62ddpknEo0whC6d4o+hf Ut5VUFTAW/kCfPRJrQ374A== 0001068800-00-000011.txt : 20000202 0001068800-00-000011.hdr.sgml : 20000202 ACCESSION NUMBER: 0001068800-00-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000106 ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONNING CORP CENTRAL INDEX KEY: 0000801051 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 431719355 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23183 FILM NUMBER: 509387 BUSINESS ADDRESS: STREET 1: 700 MARKET ST CITY: ST LOUIS STATE: MO ZIP: 63101 BUSINESS PHONE: 3144440498 MAIL ADDRESS: STREET 1: CONNING CORP STREET 2: 700 MARKET ST CITY: ST LOUIS STATE: MO ZIP: 63101 8-K 1 CONNING CORPORATION FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 6, 2000 CONNING CORPORATION (Exact name of registrant as specified in its charter) Missouri (State or other jurisdiction of incorporation) 0-23183 43-1719355 ------- ---------- (Commission File Number) (I.R.S. Employer Identification No.) 700 Market Street, St. Louis, Missouri 63101 -------------------------------------------- (Address of principal executive offices) (zip code) (314) 444-0498 (Registrant's telephone number, including area code) ITEM 1. CHANGES IN CONTROL As previously reported by Conning Corporation (the "Company) in its Current Report on Form 8-K dated August 26, 1999 (filed September 10, 1999) (File No. 0-23183), which is hereby incorporated herein by reference, on August 26, 1999, GenAmerica Corporation ("GenAmerica") announced that General American Mutual Holding Company ("GAMHC") had entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with Metropolitan Life Insurance Company ("MetLife"), whereby MetLife would acquire GenAmerica, including GenAmerica's beneficial ownership of a majority of the outstanding shares of common stock of the Company. GAMHC is a Missouri mutual insurance holding company and is the parent of GenAmerica. As previously reported by the Company in its Current Report on Form 8-K dated September 17, 1999 (filed September 30, 1999) (File No. 0-23183), which is hereby incorporated herein by reference, on September 17, 1999, the Circuit Court of Cole County, Missouri (the "Court") entered an order (the "Order of Rehabilitation") placing GAHMC into rehabilitation and approving notice of a hearing to approve a Plan of Reorganization. The Order also appointed the Director of the Missouri Department of Insurance (the "Department") as rehabilitator of GAMHC. As previously reported by the Company in its Current Report on Form 8-K dated November 10, 1999 (filed November 24, 1999), (File No. 0-23183), which is hereby incorporated herein by reference, the Court held the hearing and entered a judgment confirming the Plan of Reorganization. On January 6, 2000, MetLife completed the acquisition of GenAmerica and purchased all of the outstanding shares of common stock of GenAmerica. A copy of the press release issued by MetLife relating to the acquisition is filed as Exhibit 2.1 and incorporated herein by reference. In accordance with the Stock Purchase Agreement, MetLife paid $1.2 billion into a special account established by the Missouri Department of Insurance to administer the rehabilitation, and eventual liquidation, of GAMHC. MetLife used approximately $300 million of working capital to finance the purchase of the stock of GenAmerica. The remainder of the purchase price, approximately $900 million, was financed by MetLife from the issuance by one of its subsidiaries, MetLife Funding, Inc. ("MetLife Funding"), of short-term debt in the form of commercial paper, pursuant to customary commercial paper dealer arrangements with Deutsche Bank Securities Inc., Chase Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, CS First Boston Corporation and Goldman, Sachs & Co. The commercial paper has a weighted-average maturity of 70 days and bears a weighted-average interest rate of 6.06%. Upon maturity of the commercial paper, MetLife Funding may refinance the obligations then due with proceeds arising from one or more issuances of commercial paper of short duration that mature at or around the estimated time of completion of the proposed initial public offering of MetLife, Inc. Prior to the acquisition of GenAmerica by MetLife, GAMHC was the beneficial owner of approximately 61% of the shares of outstanding common stock of the Company. Upon closing of the GenAmerica acquisition, MetLife became the beneficial owner of such shares of the Company. ITEM 3. BANKRUPTCY OR RECEIVERSHIP As previously reported by the Company in its Current Report on Form 8-K dated August 10, 1999 (filed August 25, 1999) (File No. 0-23183), which is hereby incorporated herein by reference, General American Life Insurance Company ("General American"), a subsidiary of GenAmerica and, prior to the acquisition of GenAmerica by MetLife, the Company's majority shareholder, became subject to an order of administrative supervision from the Department. On January 6, 2000, the Department lifted the order of administrative supervision of General American. ITEM 5. OTHER EVENTS On January 17, 2000, John C. Shaw resigned from the Company's Board of Directors and related committees on which he served. A copy of the press release issued by the Company relating to Mr. Shaw's resignation is filed as Exhibit 99.1 and incorporated herein by reference. On January 18, 2000, MetLife, the beneficial owner of approximately 61% of the outstanding shares of common stock of the Company, announced its proposal to acquire all of the outstanding shares of common stock of the Company not already owned by MetLife for a price of $10.50 per share in cash. A copy of the press release issued by the Company relating to the proposed acquisition by MetLife is filed as Exhibit 99.2 and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) The following exhibit is filed as part of this report on Form 8-K. Exhibit 2.1 Press release issued by Metropolitan Life ----------- Insurance Company on January 7, 2000, relating to the acquisition of GenAmerica Corporation. Exhibit 99.1 Press release issued by the Company on ------------ January 17, 2000 relating to the resignation of John C. Shaw. Exhibit 99.2 Press release issued by the Company on ------------ January 18, 2000 relating to the proposal by Metropolitan Life Insurance Company to acquire the outstanding shares of common stock of Conning Corporation not already owned by Metlife. SIGNATURES Pursuant to the requirements of the Securities Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: January 19, 2000 CONNING CORPORATION By: /s/ Fred M. Schpero Name: Fred M. Schpero Title: Senior Vice President and Chief Financial Officer EX-2.1 2 PRESS RELEASE METLIFE COMPLETES ITS ACQUISITION OF GENAMERICA AND ITS SUBSIDIARIES New York, Friday, January 07, 2000 -- Metropolitan Life Insurance Company yesterday completed its acquisition of GenAmerica Corporation, parent company of General American Life and its subsidiaries, for approximately $1.2 billion in cash. With the acquisition, MetLife's assets under management has increased to $404.2 billion, based on September 30, 1999 results. Under the terms of the agreement, the proceeds from the transaction will be deposited into a special account. Ultimately, the proceeds of this account, after permitted charges, will be distributed to General American policyholders. Policies are not affected by the transaction. Plans are for General American's headquarters to remain in St. Louis. "I am very pleased to welcome GenAmerica into the MetLife family," said Robert H. Benmosche, Chairman and CEO of MetLife. "The company, with its long-standing, solid reputation in the Midwest and strong distribution system is a perfect complement to MetLife. I am very enthusiastic about the bright future we will share together." GenAmerica Corporation, headquartered in St. Louis, is a holding company whose operations include General American Life Insurance Company, a leading provider of life insurance and annuities, Reinsurance Group of America, Incorporated (NYSE: RGA), one of the largest life reinsurers in the United States, and Conning Corporation (Nasdaq: CNNG), a leader in managing assets and providing research for the insurance industry. For more information about GenAmerica, please visit the company's Web site at www.genam.com. Headquartered in New York City since 1868, MetLife is a leading provider of insurance and financial products and services to a broad spectrum of individual and group customers. The company, with approximately $366.6 billion of assets under management as of September 30, 1999, provides individual insurance and investment products to approximately 9 million households in the U.S. In addition, the corporations and institutions that MetLife provides with group insurance and investment products have approximately 33 million employees and members. For more information about MetLife, please visit the company's Web site at www.metlife.com. Contact: Karen Eldred (212) 578-9561 EX-99.1 3 PRESS RELEASE [CONNING LOGO] Investor Contact: Fred M. Schpero or Paul Kopsky, Jr. (314) 444-0715 Media Contact: David Garino (314) 982-1700 Internet: http://www.conning.com CONNING CORPORATION COMMENTS ON BOARD MEMBER RESIGNATION -------------------------------------------------------- ST. LOUIS, JANUARY 17, 2000 -- Conning Corporation (NASDAQ:CNNG) announced today that John C. Shaw has resigned from the Company's Board of Directors and its related committees. Mr. Shaw indicated that his resignation was due to personal reasons. Mr. Shaw had been a director of Conning since June 1997. Conning provides asset management services primarily to insurance companies and institutional investors with discretionary assets under management, manages private equity funds investing in insurance and insurance-related companies, and conducts in-depth research on the insurance industry. The preceding discussions of expected future results may constitute forward-looking statements. Actual results could differ from expected results due to factors discussed in company filings with the Securities and Exchange Commission. # # # EX-99.2 4 PRESS RELEASE [CONNING LOGO] Investor Contact: Fred M. Schpero or Paul Kopsky, Jr. (314) 444-0715 Media Contact: David Garino (314) 982-1700 Internet: http://www.conning.com CONNING CORPORATION REPORTS ON METLIFE'S OFFER TO ACQUIRE THE ------------------------------------------------------------- OUTSTANDING MINORITY SHARES OF COMMON STOCK ------------------------------------------- ST. LOUIS, JANUARY 18, 2000 -- Conning Corporation (NASDAQ:CNNG) reported today that Metropolitan Life Insurance Company (MetLife) has proposed to acquire all of the outstanding shares of common stock not already controlled by MetLife for $10.50 per share in cash. MetLife recently acquired a beneficial interest of approximately 61% in Conning as a result of its January 6, 2000 acquisition of GenAmerica Corporation, Conning's indirect majority owner. Conning has received MetLife's proposal and the Conning Board of Directors will be evaluating the proposed transaction. Conning provides asset management services primarily to insurance companies and institutional investors with discretionary assets under management, manages private equity funds investing in insurance and insurance-related companies, and conducts in-depth research on the insurance industry. This press release shall not be deemed to constitute a solicitation or recommendation with respect to the MetLife proposal and no such solicitation or recommendation will be made except in compliance with applicable securities laws. The preceding discussions of expected future results may constitute forward-looking statements. Actual results could differ from expected results due to various factors discussed in company filings with the Securities and Exchange Commission. # # # -----END PRIVACY-ENHANCED MESSAGE-----