Empire Capital proposes partial takeover of Vital

Vital has received a non-binding, indicative, and incomplete proposal for a potential partial takeover offer.

The proposal was submitted by Empire Capital as trustee of the Empire Capital Trust.

It involves the acquisition of 50.01% of all Vital shares at a price of 37.5 cents per share.

After assessing the proposal, Vital's board's formal response committee, with the help of external advisers, concluded that it undervalued the company.

Although the offer was described as non-binding and incomplete, Empire has expressed its intention to make a partial takeover offer.

However, the board stated that the proposed price is too low to grant access for due diligence.

The offer, if made, would also not provide all shareholders with the opportunity to sell their shares at the same price, and acceptances would be subject to scaling if Empire's shareholding exceeds 50.01%.

Vital has not yet received a formal takeover notice from Empire.

The company's board will communicate its position to Empire and provide an update if there are any material developments.