Anne Gibson

Property editor of the NZ Herald

Late changes to Metlifecare merger deal

John Hawkins. Photo / Dean Purcell
John Hawkins. Photo / Dean Purcell

Last-minute changes are being drafted on the controversial $216 million Metlifecare deal, about to be voted on tomorrow morning.

An institutional investor said an announcement was due from the NZX listed company today.

That would probably make yet another series of changes to the proposal which could be defeated in its current form.

The new, third deal is understood to involved Metlifecare paying less for the businesses it is merging with.

"There will be an announcement today," said one shareholder. "There's some proposals in and a scenario where you will see shareholder support it but I can't tell you if we will get that scenario."

Shareholders meet at 11am tomorrow at the Ellerslie Events Centre at Greenlane to vote on the deal.

- NZ Herald

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