NZ High Court gives $1.3B takeover of village operator Metlifecare the green light – a year after first takeover bid

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New Zealand’s third largest village operator will be sold to EQT Infrastructure almost a year after the Swedish private equity firm lodged an initial 100% bid for the group through its Asia Pacific Village Group.

Under the formal scheme of arrangement issued by the Court, Metlifecare shareholders on the record date, 29 October, will be entitled to receive the $6 a share offer from Asia Pacific on Tuesday, 3 November.

Any shareholders who do not want to take part in the scheme had until last Friday to sell their shares.

Metlifecare will then be delisted from the NZX and ASX on 3 November 3 at the close of trading.

It has been a rocky road for the takeover, with Asia Pacific’s first offer for $7 a share terminated in April after the group argued that the coronavirus pandemic had devalued Metlifecare.

Metlifecare’s board then filed a legal challenge against that decision before Asia Pacific responded in July with a second lower $6 a share deal, which was accepted by just over 90% of shareholders in early October.

Metlifecare has 25 villages across NZ with over 5,600 residents.