Stonepeak's offer of $1.70 a share was a 65 per cent premium to Arvida's closing price on Friday and was similar to a mystery bid which was rejected last September as inadequate.
Arvida runs six retirement facilities in Christchurch, including independent villas, care suites and serviced apartments.
The Arvida board and selected shareholders it had consulted were in favour of the offer and were recommending it be accepted.
Arvida chair Anthony Beverley said the company had been reviewing how to maximise more value for shareholders.
"Through that process it became clear that the Stonepeak proposal was superior to the other options the board considered were realistically available to the company and enabled shareholders to realise 100 per cent of their investment at a material premium to the current share price.
"We believe that the scheme is the best way to expedite the transaction and value recognition for shareholders. There is both a defined timeframe and an agreed price that all shareholders receive."
The takeover would be by a scheme of arrangement which requires a 75 per cent approval by voting shareholders and 50 per cent of all company shares in favour of the deal.
An independent report on the offer must be prepared.
"Based on recent feedback the board has received from institutional and retail investors, including since the announcement of the value recognition programme, we are very confident of shareholder support for the scheme," Beverley said.
Arvida has 35 villages across New Zealand but has been slowing its development work because of high interest rates and debt levels.
