The $1.48 billion proposed takeover of Metlifecare in New Zealand was called off this week resulting in a slump of around 17 percent in the group's share price. The European buyout company EQT pulled out of the deal to put the New Zealand operations of Metlifecare into a joint venture with the Asia Pacific Village Group that was first announced in December.
Reports say that EQT claimed Metlifecare didn't follow an obligation to consult over actions involving the Covid-19 lockdown. The assertion was that the lockdown would reduce ongoing profitability. Metlifecare is now taking legal advice over the issue. In general, the current lockdown has had serious repercussions in the retirement village market with all companies having a hard time on the financial horizon.
