5 June 2025, Christchurch, New Zealand
Tait International Ltd., a private global provider of critical communications solutions, advised that pursuant to Rule 41 of the New Zealand Takeovers Code it intends to purchase 100% of the fully paid ordinary shares in Vital Ltd. (VTL), a public company that trades on NZX, New Zealand’s Stock Exchange.
Headquartered in Wellington, New Zealand, Vital operates a network operations center (NOC) that monitors telecommunications networks across New Zealand. The company also owns and manages a nationwide digital radio network and a fibre network in Wellington City and parts of Auckland’s Central Business District. In addition, Vital owns data centres in Auckland and Wellington and two peering exchanges in New Zealand.
Tait’s Offer
Tait’s proposed offer for Vital will be $0.45 per Vital share, which represents:
- a 64% premium to the price of $0.275 per VTL share immediately prior to the trading halt announced on 26 May 2025; and
- a 53% premium to $0.295 per share being the highest price at which VTL shares have traded in the two years prior to the trading halt announced on 26 May 2025 and excluding trading for the period in August and September 2024 after Empire Technology Limited gave notice of its intention to make a partial takeover offer (Empire never proceeded to make an offer).
Tait’s offer will be for all of the equity securities in Vital, including its non-voting employee share options (the price for the non-voting share options is $0.13 per option, as stated in the offer document). The offer will be accompanied by an independent adviser’s report, prepared by Campbell MacPherson, certifying that the consideration being offered is fair and reasonable between these classes of security.
The offer will be subject to a limited number of customary conditions, including Tait obtaining sufficient acceptances such that it holds or controls at least 90% of the voting rights in Vital. Tait, which is being advised by Murray & Co, is committed to transparency and open communications throughout the process.
“The proposed 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. “We are confident that Tait is the right owner to support Vital’s future plans in a challenging operating environment, which benefits Vital’s customers, employees and other stakeholders.”
Media Contact:
Krishna Guda, Chief Financial Officer
Email: krishna.guda@taitcommunications.com
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