Metlifecare, developing Auckland's Gulf Rise, is a potential takeover target. Photo / Supplied
Metlifecare's mystery buyer has completed due diligence for its $1.49 billion takeover bid but needs the weekend to get final approval for the deal.
The retirement village operator's board completed negotiations for a scheme implementation agreement – which needs a lower level of support than a formal takeover to get
across the line – at $7 a share. That's up from the initial $6.50 offer that was rejected by Metlifecare's major shareholders and a small premium to company's $6.96 a share net tangible asset value.
The shares last traded at $6.38 and have jumped from $5.08 before the unsolicited suitor emerged in November.
The would-be buyer's final approval process is due over the weekend, after which the scheme will be signed off. Until then, there is no assurance the negotiated deal will proceed and trading in the shares remains halted, investors were told through a statement on NZX.
The scheme will be subject to the usual conditions, it said.
