New Zealand's Arvida agrees to $746 mln takeover by investment firm (updated)

Arvida

21/07/2024 22:23

(Updates with further details and background from paragraph 2
onwards)
       July 22 (Reuters) - New Zealand-based Arvida Group
 ARV.NZ  on Monday said it had accepted a takeover offer by
investment firm Stonepeak, valuing the aged care provider at
NZ$1.24 billion ($745.74 million)excluding debt. 
    Stonepeak, a U.S.-based alternative investment firm which
has assets of around $71.2 billion, is offering NZ$1.70 per
Arvida share, which reflects a 65% premium to Arvida's last
close on Friday.
        Arvida in December rejected a same NZ$1.70 apiece buyout
approach from an offshore infrastructure fund on account of the
offer being not in the best interests of shareholders.
  
        Arvida however accepted Stonepeak's takeover offer on
the back of the deal offering a compelling value and high
certainty to completion. 
  

($1 = 1.6628 New Zealand dollars)

 (Reporting by Rishav Chatterjee in Bengaluru
Editing by Chris Reese)
 ((Rishav.Chatterjee@thomsonreuters.com;))