U.S.-based private equity firm Stonepeak said it would buy New Zealand’s Arvida Group (ARV.NZ), opens new tab for NZ$1.24 billion ($745.74 million) excluding debt, sending the aged care provider’s shares up nearly 60% on Monday to the highest in more than two years.
Stonepeak, which has assets of around $71.2 billion, said it would offer NZ$1.70 per Arvida share, a 65% premium to Arvida’s last close on Friday. The all-cash bid was backed by Arvida’s board, and the target said it was not subject to any financing or due diligence conditions.
Source: REUTER
