Oasis Star Limited made an indicative proposal to acquire additional 52.2% stake in Tian An Australia Limited (ASX:TIA) from each of the existing shareholders of Tian An Australia for AUD 58.7 million on July 24, 2017. Under the terms of the transaction, Oasis Star will acquire 80% of the shares of each of the existing shareholders of Tian An Australia at a price of AUD 1.3 per share paid in cash in an off-market proportional takeover offer. In a related transaction, Oasis Star entered into a memorandum of understanding with Xiangyu Real Estate Group Co., Ltd. under which Xiangyu will acquire 50% stake in Tian An Australia from Oasis Star. Oasis Star Limited will fund the acquisition from cash on hand and credit facilities available. Oasis Star Limited has no intensions to make any substantive changes to the operations of Tian An Australia Limited. A bidder’s statement will also be lodged by Oasis Star Limited. The offer is subject to minimum acceptances such that upon completion Oasis Star Limited owns at least 50.1% of Tian An Australia Limited shares and shareholders’ approval of Tian An Australia Limited in a meeting to be held on October 19, 2017. The Foreign Investment Review Board pursuant to the Foreign Acquisitions and Takeovers Act 1975 has confirmed the deal and has no objections to it. As of September 11, 2017, the bidder statement was filed. The bidder statement was approved by the directors of Oasis star. The offer will start on September 13, 2017 and will end on November 3, 2017. The first supplementary bidder’s statement to Oasis Star’s bidder’s statement is dated September 11, 2017. The independent directors of Tian An Australia unanimously recommended to accept the offer to the shareholders. In the event, the market value of shares is less than AUD 500 based on the ASX closing price of the before the acceptance date of the offer, the offer will extend to 100% stake. As a result of the transaction, Oasis Star intends to appoint two additional directors on the board of Tian An Australia. The transaction is not subject to financing conditions. As of October 19, 2017, the transaction is approved by shareholders of Tian An Australia Limited. As per announcement on November 8, 2017, Oasis Star Limited extended the offer closing date to December 1, 2017. On November 22, 2017, the defeating conditions have been freed. An independent board committee comprised of independent directors of Tian An Australia Limited is established to review and assess the proposal. Piper Alderman acted as legal advisor for the committee of Tian An Australia Limited. Jeff Mansfield of Addisons acted as legal advisor to Oasis Star Limited. Computershare Investor Services Pty Limited acted as registrar to the offer. BDO East Coast Partnership acted as auditor and Crowe Horwath acted as independent expert to Tian An Australia Limited. Oasis Star Limited completed the indicative proposal to acquire additional 52.2% stake in Tian An Australia Limited (ASX:TIA) from each of the existing shareholders of Tian An Australia on December 1, 2017.