Arvida buyout lifts retirement sector

Jeremy Nicoll took over as chief executive of Arvida in October 2021. (Image: Supplied)

Wed, 24 Jul 2024

A United States private equity firm appears to have woken up share traders to the possibility that New Zealand’s retirement sector is undervalued.Arvida told the NZ Exchange (NZX) Monday morning that its board unanimously endorsed the scheme to sell all shares at $1.70 to New York-based Stonepeak BidCo.The stock quickly jumped 55% to $1.61 and has hovered around that mark since.On Tuesday, Arvida traded volumes of $127 million, more than 10% of the $1.25 billion figure offered to buy the whole business a day earlier and more than half of...

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