Arvida board unanimously recommends Stonepeak deal

Arvida Group has agreed to be acquired by Stonepeak BidCo, an indirect subsidiary of Stonepeak, for $1.70 per share.

The deal, which is set to be carried out through a scheme of arrangement, represents a 65% premium to Arvida's share price of $1.03.

The company's board has unanimously recommended that shareholders vote in favour of the scheme, subject to certain conditions.

This includes the scheme consideration being within or above the independent adviser's valuation range for Arvida shares.

The agreement is still subject to New Zealand High Court approval, shareholder approval, and consent under the Overseas Investment Act 2005.

A special meeting of shareholders is expected to be held in the last quarter of this year.

Arvida is one of New Zealand's largest aged care providers, owning and operating 35 retirement villages nationwide.