Metlifecare bid 'fair'

Macquarie Bank and FKP's bid for outstanding share options in retirement homes operator Metlifecare is fair and reasonable in comparison to its bid for the listed shares, says Bancorp.

Macquarie and FKP have offered $3.90 a share for Metlifecare, valuing the entire business at $340 million.

The bid values the 100,000 options, which have a strike price of $1.26 and are issued to Metlife property services manager Bill Ross, at $2.64 each.

FKP and Macquarie sent their bid to shareholders yesterday.