Asia Pacific Village Group's takeover of New Zealand's second-largest retirement village owner and operator is suddenly back on in an unexpected move, with the price only lowered by $1 a share reducing it from a $1.49 billion deal to $1.27b.

Metlifecare made a surprise NZX announcement this morning about the deal being reignited.

Yesterday afternoon, it got a "non-binding indicative offer from Asia Pacific Village Group to acquire all Metlifecare shares for $6 per share".

The previous offer was $7/share for the business, trading on the NZX on Friday at $5.22.


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Metlifecare said today the board had committed to engaging with Asia Pacific to see if the offer could be converted into a binding scheme implementation agreement.

The sudden announcement follows a bitter dispute between the two parties, waged in public, about Asia Pacific dropping what was previously a $1.49 billion takeover when it offered $7/share.

Asia Pacific previously said it could not proceed with its takeover. Metlifecare's shares were trading around $7 before the pandemic but had sunk to $4.20 when Asia Pacific pulled out.

That's all changed today and Friday's shareholder meeting at Eden Park's South Stand is now cancelled.

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