Tian An Australia tells shareholders to accept $112m takeover offer

Real estate developer Tian An Australia is recommending its shareholders take a $112 million takeover offer from Oasis Star.

The Chinese bidder, a subsidiary of Tian An China, first approached the local player in July with a $1.30 a share bid.

The offer represents a 40 per cent premium to yesterday’s closing price of 93c.

Oasis already owns over a third of the Australian developer.

Tian An Australia (ASX:TIA) is one of Australia’s oldest listed property developers, starting life as Port Bouvard.

It fell into financial difficulties after the global property crash in 2008 but re-emerged as a renamed, rejuvenated company in 2016.

The new look came after major shareholder Malaysian company Mulpha International sold its 19.95 per cent stake to Tian An China in 2015.

In the bidder’s statement Oasis says it will sell a 50 per cent share of itself to Xiangyu, a subsidiary of Chinese government-owned real estate firm, Xiamen Xiangyu Group Corporation.

The offer closes on November 9.