NZ village operator Metlifecare’s shareholders vote in favour of Swedish takeover bid

An unsurprising outcome. Metlifecare shareholders have overwhelmingly accepted a NZ$1.3 billion takeover bid from APVG, an entity of Swedish private equity firm EQT Infrastructure IV. At a special meeting in Auckland, New Zealand, 90.7 per cent of the votes casted supported EQT’s NZ$6 a share offer. This is at the lower end of the NZ $5.80 – $6.90 valuation provided by an independent report earlier this year. As we reported here, EQT had withdrawn its original offer of NZ$7 a share in May claiming COVID had changed the company’s valuation, before submitting a fresh bid at $6 a share in July. EQT then had to overcome a challenge from Metlifecare in NZ’s High Court. Metlifecare is NZ’s third largest village operator with 24 retirement villages and 11 development sites valued at AU$886 million.