Metlifecare shareholders told to accept offer

The independent directors of Metlifecare are recommending that shareholders accept a $3.90 a share takeover offer by Retirement Village New Zealand.

The recommendation followed an assessment by independent advisers Grant Samuel that the offer was fair.

Grant Samuel valued Metlifecare's shares in a range of $3.63 to $4.15. The value was based on 100 percent of Metlifecare and included a premium for control. Shareholders will be sent a statement on Monday.

- NZPA