EQT Infrastructure IV fund managed by EQT Partners AB made a bid to acquire Metlifecare Limited (NZSE:MET) from group of shareholders on November 20, 2019. EQT Infrastructure IV fund managed by EQT Partners AB entered into an draft scheme implementation agreement to acquire Metlifecare Limited for approximately NZD 1.4 billion on December 18, 2019. EQT will acquire all the shares of Metlifecare Limited at a price of NZD 6.5 per share. EQT Infrastructure IV fund managed by EQT Partners AB entered into an agreement to acquire Metlifecare Limited from Accident Compensation Corporation, Asset Management, Nikko Asset Management Co., Ltd., New Zealand Superannuation Fund, Generate and other shareholders for NZD 1.5 billion on December 29, 2019. EQT will acquire all the shares of Metlifecare Limited at a price of NZD 7 per share. The total consideration will be funded by EQT from its committed capital. The agreement also contains customary exclusivity provisions in favor of Asia Pacific Village Group Limited, including “no shop, no talk and no due diligence” restrictions. The transaction is subject to approval from shareholders of EQT AB (publ), High Court of New Zealand approval, Overseas Investment Office consent, regulatory approval and statutory approval, Subject to Bank Facility. As of December 29, 2019, additional 22% of shareholders had also indicated their intention to EQT that they would vote in favor of the deal in the absence of a superior proposal. The transaction is unanimously approved by Board of Directors of Metlifecare Limited. Shareholders meeting of Metlifecare will be held in April 2020. As of February 11, 2020, the statutory supervisors approval for Metlifecare’s retirement villages has been satisfied. The transaction is expected to be completed in May, 2020. As of April 8, 2020, Metlifecare received notice of an intention to terminate the transaction with EQT Partners in around 10 business days because of the impact of COVID-19 and because Metlifecare has not provided some information to EQT Partners and made decisions in relation to its response to level 4 government directives without consultation and/or consent of EQT Partners. As of April 27, 2020, Metlifecare Board has rejected the notice to terminate from APVG as entirely invalid and remains strongly committed to the successful completion of the scheme. As of May 7, 2020, The high court of New Zealand has decided a date of May 28, 2020 to considers Metlifecare's application for initial orders to call a meeting of shareholders to vote on the scheme plan contemplated by the SIA. Under the court timetable, Metlifecare now anticipates holding the shareholder meeting to consider the scheme plan in late June or early July, subject to the approval of the Court. The shareholder meeting will be conducted on June 10, 2020, to vote on a resolution endorsing the Board to take all necessary legal action required to compel Asia Pacific Village Group Limited to fulfil its obligations under the Scheme Implementation Agreement. Metlifecare filed a Statement of Claim in the High Court on May 15, 2020, seeking orders to compel APVG and EQT Infrastructure IV fund to fulfil their contractual obligations under the SIA and an Equity Commitment Letter. On June 8, 2020 Metlifecare advised that it had called a meeting of shareholders on July 10, 2020. The trial is scheduled to commence on November 23, 2020. Jarden Partners Limited and Simmons Corporate Finance Limited acted as financial advisors and Roger Wallis of Chapman Tripp acted as legal advisor for Metlifecare Limited. The Goldman Sachs acted as a financial advisor and Anna Buchly and James of Bell Gully acted as a legal advisor to EQT Infrastructure IV fund managed by EQT Partners. KordaMentha New Zealand Limited acted as fairness opinion provider to Metlifecare. EQT Infrastructure IV fund managed by EQT Partners AB cancelled the acquisition of Metlifecare Limited (NZSE:MET) from group of shareholders on July 5, 2020. A new offer was launched.