November 19, 2019 / 8:45 PM / 25 days ago

NZ's Metlifecare receives takeover offer, suspends buyback program

(Reuters) - New Zealand’s Metlifecare Ltd (MET.NZ) said on Wednesday it had received a non-binding takeover offer from a “credible third party.”

The company said they had started discussions regarding the offer but the price proposed valued the company below the board’s expectations.

The retirement village operator suspended its share buyback program of up to NZ$30 million of its shares in light of the offer.

Reporting by Shreya Mariam Job in Bengaluru; Editing by Chris Reese

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