Vital Limited
Transaction Type: Takeover (Full)
Offeror: Tait International Limited
Independent Adviser(s): Grant Samuel & Associates and Campbell MacPherson
Offer commencement date: 19/06/2025
Offer closing date: 26/09/2025
On 27 May 2025, Tait International Limited (Tait) announced its intention to make a full takeover offer for all shares (for $0.45 per share), and all non-voting employee share options (for $0.13 per option) in Vital Limited (Vital and the Offer).
Tait issued a takeover notice to Vital on 5 June 2025, with Campbell MacPherson preparing the independent adviser’s report required under rule 22. On 19 June 2025, Tait distributed the Offer documents to Vital shareholders. The Offer was conditional on receiving acceptances representing at least 90% of Vital’s voting rights.
Vital released its target company statement on 4 July 2025. Grant Samuel prepared the independent adviser’s report required under rule 21 and assessed valuation ranges of $0.44 to $0.69 per share and $0.12 to $0.37 per option. Vital’s independent directors unanimously recommended that shareholders and option holders accept the Offer.
On 4 September 2025, Tait received acceptances for 100% of the non-voting employee share options.
On 12 September 2025, the Offer was declared unconditional after Tait received acceptances for at least 90% of the voting rights.
The Offer closed on 26 September 2025, after which Tait compulsorily acquired the outstanding shares for the same consideration of $0.45 per share. Trading in Vital shares was subsequently halted and suspended.
On 7 October 2025, Vital was delisted from the NZX.
