Empire Technology ordered to reimburse Vital's takeover expenses

The Takeovers Panel has ordered Empire Technology to reimburse Vital for its takeover expenses.

Tuesday's determination concluded that Vital is entitled to be reimbursed for the full invoiced amount of $247,036.

The issue arose after Empire did not acknowledge or accept Vital's invoice for the takeover expenses in September 2024.

In December 2024, Vital made a formal request to the Takeovers Panel for a determination.

Empire had previously sought orders in the High Court, claiming it was not required to reimburse Vital's expenses and that Vital should pay its own takeover expenses.

However, Empire has not advanced its High Court proceedings since they began and they are currently paused.

Vital said it would comprehensively defend any maintained claim by Empire.