Metlifecare given OIA approval for merger deal
The retirement village operator has approval under the Overseas Investment Act for its merger with Vision Senior Living and Private Life Care.
BUSINESSDESK: Retirement village operator Metlifecare has approval under the Overseas Investment Act for its merger with Vision Senior Living and Private Life Care.
The merger satisfies all the conditions except for the completion of the sell-down by the company's biggest shareholder, Retirement Villages New Zealand.
The sell-down will be confirmed on RVNZ's acceptance of book-build commitments on about July 18, the company said today.
The deal was approved by shareholders at a special meeting in June.
Metlifecare will get eight new villages in the merger with Vision and Private Life Care Holdings, which are to receive shares in the enlarged company as payment.
That boosts its portfolio to 24 villages, three of which are in development. The number of units will increase to 3902 from 2460, while brownfield and greenfield capacity climbs to 1011 units from 380 units.
Shares in the company last traded at $2.12 and have shed about 6% this year.
Hannah Lynch
Tue, 10 Jul 2012
Tue, 10 Jul 2012
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Metlifecare given OIA approval for merger deal
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