The change of heart behind Arvida’s US private equity buyout

Arvida's Glenbrae retirement village in Rotorua. (Image: Ben Fraser)

Tue, 23 Jul 2024

A change of heart spurred by a low share price is behind Arvida's entering into a buyout agreement with Stonepeak, a United States private equity company.After Monday's announcement to the New Zealand Exchange (NZX), Arvida chair Anthony Beverley explained to BusinessDesk why the board now backed a takeover after turning down a similar proposal just ten months earlier.The company’s share price rose 55% to $1.60 on Monday, and more than $30 million was traded before the market close. Arvida temporarily halted trading in Decemb...

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