Tamawood Limited (ASX:TWD) signed a binding Bid Implementation Agreement to acquire AstiVita Limited (ASX : AIR) from Lev Mizikovsky and his associated entities, Joseph Mizikovsky, Odalreach PTY Ltd, Stoddart Group Pty Ltd and others for AUD 16 million on March 16, 2022. Tamawood to make off-market takeover offer to acquire 1 fully paid ordinary shares in Tamawood for every 5 AstiVita shares held. The takeover offer is conditional on a number of conditions, in particular a minimum acceptance of 90%.

If Tamawood obtains a relevant interest in at least 90% of AIR Shares, Tamawood may proceed to compulsorily acquire the remaining AIR shares, after the close of the offer. As of April 29, 2022, the Bidder has received confirmation from AstiVita Shareholders holding approximately 86% of the AstiVita Shares that they intend to accept the Offer. As of May 16, 2022, Tamawood now holds a relevant interest in 93.46% of AstiVita's shares.

Tamawood is moving to compulsory acquisition of the remaining shares in AstiVita. The takeover offer is also subject to Tamawood shareholder approval. The AIR Independent Director recommends that AIR shareholders accept the takeover offer in the absence of a superior proposal.

On May 13, 2022, shareholders of Tamawood has approved the transaction. Offer is expected to close on May 19, 2022. As per update on May 13, 2022, offer period has been extended to May 23, 2022.

GRT Lawyers acted as legal advisor to AstiVita whereas Computershare Investor Services Pty Limited acted as registrar, William Buck (WA) Pty Ltd as accountant, Sparke Helmore Lawyers as Legal advisor and Vincents Capital Management Pty Ltd acted as independent expert to Tamawood Limited.