New Zealand’s Arvida agrees to $746 million takeover by investment firm

(Reuters) – New Zealand-based Arvida Group 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)