Tian An Australia Limited
(ASX:TIA) has received an incomplete, non-binding and indicative proposal about a proportional off-market takeover from Hong-Kong based Oasis Star Limited.
The transaction involves Oasis Star acquiring 80 per cent of each shareholder’s issued shares in TIA, that it does not own, at an offer price of $1.30.
Oasis Star currently has a relevant interest in 34.46 per cent of TIA’s issued share capital.
The urban developer has established an independent board committee comprised of independent TIA directors, to review and assess the Indicative Proposal. There is no certainty that the Indicative Proposal will result in an offer for TIA shares.
Shares in Tian An Australia Limited
(ASX:TIA) closed 1.7 per cent lower to 86 cents.
