Metlifecare Ltd has continued to advance its scheme implementation agreement enabling the retirement village company’s sale to Asia Pacific Village Group Ltd, which is ultimately controlled by Swedish private equity investment fund EQT Fund Management Sarl via the Luxembourg-based EQT Infrastructure IV Fund.
Asia Pacific Village Group offered $7.00 cash/share, subject to certain conditions including Metlifecare shareholder approval.
When Metlifecare first disclosed a buyout offer on 20 November, its share price jumped from $5.08 to $5.73. The price reached $6.93 on 14 February but, as the Covid-19 virus began to impact the economy, the price plummeted from $6.87 on 2 March to $4.25 on Monday.
Metlifecare chair Kim Ellis said last Friday the company had formally applied to the Takeovers Panel for a “no objection” statement and was on track to lodge an application on Friday for initial High Court orders to sanction orders convening the scheme meeting scheduled to be held on 29 April.
Metlifecare understands Asia Pacific Village Group’s application for approval under the Overseas Investment Act remains on track to be determined before the shareholders’ meeting.
Metlifecare, established in 1984, owns & operates a portfolio of 25 retirement villages, predominantly in the upper North Island.
18 March 2020: Metlifecare clarifies takeover status
20 December 2019: Metlifecare attracts more takeover interest as board puts value well above first offer
26 November 2019: Metlifecare appoints offer advisor, sees share price rise 20% in 3 weeks
20 November 2019: Metlifecare gets buyout offer, suspends share buyback
Attribution: Metlifecare, NZX.