Cook offers Metlife shares to Todd

The planned Metlifecare takeover sparked into life yesterday.

The Stock Exchange was told founder Cliff Cook had offered his 21.7 million shares in the retirement village operator to Todd Capital for $3.72 each - or $80.7 million.

Cook has put his 25 per cent stake up for sale and under "drag-along" provisions of a pre-emptive agreement struck in 1999 can also offer the 35 per cent stake held by Todd Capital, a part of the Todd family empire.

However, that agreement also requires him to first offer his stake to Todd.

Investment bank Goldman Sachs JBWere has been running a sales process for the stake.