Vitaco Holdings Limited
(ASX:VIT) has announced the proposed acquisition of the company by Shanghai Pharmaceuticals has received approval from the Foreign Investment Review Board.
Vitaco’s stable of brands includes Healtheries, Nutra-Life and Musashi.
The takeover now requires the approval of Vitaco’s shareholders, the Federal Court of Australia and approval from the New Zealand Overseas Investment Office.
Vitaco’s Board of Directors have recommended the deal to shareholders, with the company’s majority shareholder, Next Capital, also proposing to vote in favour.
Vitaco Holdings Limited posted a net loss of $9.14 million at 30 June 2016.
