Arvida shareholders to vote on Stonepeak's offer

Arvida shareholders will vote on Stonepeak Alps BidCo's NZ$1.70 per share cash offer at a special meeting on Sep 25 2024.

The offer, known as the scheme consideration, has been unanimously recommended by Arvida's directors.

The scheme consideration is within the independent adviser's assessed valuation range of NZ$1.63 to NZ$1.94 per share.

Shareholders have the option to attend the meeting in person or virtually, as well as appoint a proxy to vote in advance.

The scheme is subject to approval by shareholders, high court approval, and consent from the statutory supervisor of Arvida's retirement villages, as well as compliance with the Overseas Investment Act.

If the scheme is not approved, Arvida's share price is likely to trade lower than the offer price.

Arvida shares were trading at $1.03 each prior to the scheme's announcement.