Tamawood announced this morning that it had signed a binding bid implementation agreement with AstiVita for all of its capital in an off-market takeover.

Tamawood has offered one full share for every five AntiVita shares, implying a value of 64 cents.  It did not provide an overall value of the takeover but it said there had been a value reduction because of the floods.

AstiVita is primarily involved in importing and distribution of kitchen, bathroom and solar products. Lev Mizikovsky has a collective 67.9 per cent of AstiVita and has supported the takeover. He also is a director of Tamawood in which he recently increased his stake to 54 per cent through the Mizikovsky Group.

AstiVita’s independent director has agreed to recommend the remaining shareholders accept the offer, on the condition an independent expert backs the bid as fair and reasonable and in the absence of a better offer.

Tamawood also has its own conditions. The minimum acceptance has to be more than 90 per cent and it has to be approved by shareholders.

Tamawood has been contacted for comment.