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We use Monte Carlo simulations to study multicritical properties of an Ising metamagnet in an external field. According to the mean field theory predictions, a three-dimensional layered metamagnet is expected to display a tricritical point decomposition to a critical endpoint and a bicritical endpoint, when a ratio between intralayer ferromagnetic and interlayer antiferromagnetic couplings becomes sufficiently small. Our simulations show no evidence of such a decomposition and produce a tricritical behaviour even for a coupling ratio as small as R=0.01.

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