American International Group Inc. lowered the exercise price for outstanding warrants of its common stock to $42.94 per share from $43.09 per share.

The number of common shares receivable upon exercise will also increase to 1.050 from 1.046. The adjustments resulted from the board's declaration of a dividend of 32 cents per share on Nov. 1, to be paid Dec. 26 to shareholders of record at the close of business on Dec. 12.

The adjustments will take effect at the close of business on Dec. 12, excluding any warrant exercised on or before Dec. 12.

Additionally, AIG's board is extending the expiration date of its tax asset protection plan to Dec. 11, 2022, from the original expiration date of Dec. 14, 2019, subject to other earlier termination events.

Minor technical changes were also made to the plan to delete provisions connected to the U.S. Treasury's ownership of AIG equity interests that are no longer applicable given that the Treasury no longer holds any equity interests in the company.

The plan is designed to decrease the possibility that AIG will experience an ownership change by deterring anyone from becoming a 5% shareholder. The board intends to ask shareholders to ratify the amendment at the next annual shareholders meeting.