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Metcarelife says unsolicited takeover offer undervalues company

Metlifecare Ltd. said the third party which previously expressed interest in buying the company proposed an offer price below the company's valuation.

New Zealand-based Metlifecare, which owns and operates retirement villages, said the non-binding indicative offer from that entity was NZ$6.50 per share. After consideration, the company said its board held the view the offer is below the company's valuation, which ranges in excess of NZ$8 per share.

Metlifecare added the offer is unlikely to be supported by the requisite majority of voting shareholders. Specifically, the Accident Compensation Corp., Nikko Asset Management and Generate have advised they would vote against the offer, the company said in a news release.

The third party may still revise the offer, but there are no assurances that it will do so, Metlifecare said.

As of Dec. 18, US$1 was equivalent to NZ$1.52.