Metlifecare Ltd has appointed Jarden Ltd to advise it on its response to a recent unsolicited offer, and said it doesn’t expect to say anything more about the offer for the next fortnight.
Chair Kim Ellis said the company had convened various working groups.
Metlifecare Ltd said last Wednesday it had begun discussions on the possible buyout of the company by an unnamed party, and suspended the $30 million share buyback programme it had announced on 24 October and was to have begun on 12 November.
The share price was $4.82 on 31 October, $4.87 on 8 November and rose to $5.12 on 12 November. From $5.08 on 19 November, the price rose to $5.73 the next day, and has been at $5.80 since 21 November – a 20% gain in 3 weeks.
20 November 2019: Metlifecare gets buyout offer, suspends share buyback
Attribution: Company release.