Topic - Editorial

Metlifecare shareholders support court action against private equity firm EQT, wanting $7.00 per share compared to $4.34 today

May 26 2020 Updated May 3, 2023

The Weekly Source

1 min read

The lawyers will be pleased.

NZ village operator Metlifecare goes before the High Court on Thursday in an attempt to force compensation at least from EQT Fund Management S.à.r.l, an $18B Luxemburg private equity fund.

In December EQT offered $7.00 a share to buy Metlifecare (listed on the NZX) and the board and shareholders agreed.

With the arrival of COVID EQT wants to back out, claiming a material change in the business – meaning profitability. In effect they walked away.

The shares today are trading at $4.34, a 38% drop in a $1B company.

The Metlifecare has asked its shareholders to support a claim for compensation, which the lawyers say is a good idea.

Watch this space.

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