Metlifecare buyer needs weekend to finalise $1.49b bid

Fri, 27 Dec 2019

Metlifecare’s mystery buyer has completed due diligence for its $1.49 billion takeover bid but needs the weekend to get final approval for the deal. The retirement village operator’s board completed negotiations for a scheme implementation agreement – which needs a lower level of support than a formal takeover to get across the line – at $7 a share. That’s up from the initial $6.50 offer that was rejected by Metlifecare’s major shareholders and a small premium to company’s $6.96 a share net tangible asset value. The shares last traded...

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