Retirement village owner and operator, Metlifecare (ASX:MEQ, NZX:MET) has penned a scheme of arrangement under which Asia Pacific Village Group will purchase all of its shares for $7.00 per share.
The Metlifecare Board unanimously recommends shareholders vote in favour of the transaction, subject to a number of conditions, including that the scheme price being within the valuation range specified by an independent adviser.
Metlifecare shareholders do not need to take any action at this time. They will be given the opportunity to vote on the scheme at a special meeting of shareholders, currently expected to be held in April 2020.
The price of $7.00 represents a 38 per cent premium to the closing price prior to the announcement of the initial offer.