Last-minute changes were being discussed yesterday to the much-debated $216 million Metlifecare deal, to be voted on this morning.
Institutional investors said an announcement was expected from the NZX-listed company and that could involve yet another series of changes to the proposal.
Without alterations, the deal could be defeated in its current form, they said.
The new, third deal is understood to involve the retirement village owner and operator paying less for the businesses it is merging with.
Metlifecare wants to buy Vision Senior Living, 68 per cent owned by Goldman Sachs, and Private Life Care, owned by Retirement Villages Group, which has 50.1 per cent of Metlifecare.