Tait International Ltd., a private global provider of critical communications solutions, announced that it has now reached 90% acceptances in its takeover offer for the ordinary shares and options in Vital Ltd. (VTL), a public company that trades on NZX, New Zealand’s Stock Exchange.
Tait’s offer was for 100% of the equity securities in Vital, which includes its ordinary shares and unlisted employee share options. The offer was conditional on Tait obtaining sufficient acceptances to hold or control at least 90% of the voting rights in Vital, and Tait has reached that threshold. Once 90% of the ordinary shares are acquired, Tait is permitted under the Takeovers Code to compulsorily acquire the remaining shares, which Tait intends to. Tait then intends to delist Vital from the NZX.
“The takeover is a strategic move to expand our market positioning, product offerings and reach in New Zealand,” said Yoram Benit, PhD, Tait Communications CEO and Managing Director. “Vital will contribute to Tait’s commitment to enhance New Zealand Mission Critical and Critical Communication markets”