Jilted Metlifecare digs in for stoush with absconding bidder

Mon, 20 Apr 2020

Retirement village operator Metlifecare is digging in to insist that Asia Pacific Village Group complete its $1.49 billion takeover deal and is appointing legal counsel in a sign it is willing to take the issue to court.The Auckland-based firm is rejecting APVG's attempt to abandon the scheme of arrangement announced in late December, based on a claim that the covid-19 crisis has triggered material adverse change clauses and that Metlifecare failed to consult with it over operational changes required by the government-ordered...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket up as Sanford rides the wave

Sanford’s result was its best in a decade.

Tom Raynel 6:10pm

Infrastructure

Treasury sounded the alarm about $1b transport fund changes

Officials recommended deferring decisions until Budget 2025.

Oliver Lewis 5:50pm

Treasury sounded the alarm about $1b transport fund changes

Markets

Why Xero is loyal to the ASX

Cloud accounting firm 'happy to show up differently', CEO says.

Rebecca Stevenson 3:45pm

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

Sponsored

Active beats passive in tough times

Agile investing responds faster to market shocks and shifts.

Milford

More Law & Regulation

Law & Regulation

Peter Huljich is Pushpay insider trader, flagging further appeal

Rich-lister Peter Huljich has been revealed as the Pushpay executive convicted of insider trading.Huljich’s identity had been suppressed since he was charged by the Financial Markets Authority (FMA) in February 2022.The current case has been closely watched by markets as it marke...

Staff reporters 1:30pm