New Zealand's Arvida rejects $773 million takeover offer (updated)

Arvida

14/12/2023 03:31

(Adds details on the offer and shares in paragraphs 2-4)
       Dec 14 (Reuters) - New Zealand's Arvida Group  ARV.NZ 
said on Thursday that it had rejected a NZ$1.24 billion ($773.02
million) takeover offer it had received from an offshore
infrastructure fund in September.
    The aged-care services provider said it had undertaken a
comprehensive evaluation of the offer before determining that
the NZ$1.70 per share offer "meaningfully undervalued" the
company.
    Arvida said it had informed the fund that it did not wish to
engage further on the deal. It also did not name the company.
    Arvida's shares rose as much as 19.6% to NZ$1.100, as of
0319 GMT.

($1 = 1.6041 New Zealand dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by
Subhranshu Sahu and Sonia Cheema)
 ((Aaditya.GovindRao@thomsonreuters.com;))