Oceania Healthcare's cornerstone shareholder Macquarie Group may sell up to all of its 40.94 per cent stake in Oceania Healthcare in a process under way today.

Oceania is indirectly owned by three institutional funds that specialist management companies within the Macquarie Infrastructure and Real Assets division of Macquarie Group operate.

Macquarie has informed Oceania that it intends to enter into a binding agreement to sell up to all of its 252 million shares in an underwritten sell-down. The underwriters, Craigs Investment Partners, Jarden Partners and Macquarie Securities, are conducting a bookbuild, which is expected to be wrapped up by 4 pm.

Dual-listed Oceania Healthcare is currently on a trading halt but its shares last traded at $1.25 on the NZX. Based on that price, the stake would be worth around $315 million.

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The shares have risen from $1.08 on November 19, the day before fellow retirement village operator Metlifecare announced it had received a non-binding takeover offer for its business.

Oceania Healthcare provides and develops residential aged care and retirement village services in New Zealand. Net profit for the six months ended November rose to $14.9m from $1.3m in the same six months a year earlier.