December 29, 2019 / 7:50 PM / 2 months ago

NZ's Metlifecare backs $996 million buyout offer from Luxembourg-based fund manager

Dec 30 (Reuters) - New Zealand’s Metlifecare Ltd on Monday said it had entered into an initial deal to be acquired for about NZ$1.49 billion ($996.07 million) by a Luxembourg-based investment fund manager.

The retirement village operator said its shareholders will get NZ$7 per share under the agreement from Asia Pacific Village Group Ltd, which is owned by a fund managed by EQT Fund Management S.à r.l.

The offer price represents a premium of 9.7% to Metlifecare shares’ closing price of NZ$6.38 on Dec. 20, before its stock was placed on a trading halt. ($1 = NZ$1.4959) (Reporting by Rashmi Ashok in Bengaluru; editing by Nick Macfie)

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