NZ Super Fund on board with Metlifecare takeover

Mon, 30 Dec 2019

The New Zealand Superannuation Fund has agreed to sell its 19.9 percent stake in Metlifecare to European private equity firm EQT in a $1.5 billion takeover.Metlifecare’s board signed a scheme implementation agreement with the private equity fund manager and recommended shareholders accept the $7 per share offer valuing the retirement village operator at $1.49 billion.The offer was a 50 cent lift from the original bid of $6.50, which the board rejected as being too low after checking with its large institutional shareholders.“The board has made...

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