Kresta Holdings’ major shareholder, China-based Aplus, has outlined plans to acquire the Malaga-based company just six months after buying a large interest in the group.
The offer represents a premium of about 39 per cent to Kresta’s last closing price.
Kresta told its shareholders to take no action until it had fully considered the proposed offer.
The bid comes after Aplus acquired a 14 per cent stake in Kresta in January and follows a turbulent six months for the ASX-listed company.
Subsequently, the founder and chairman of Aplus, Xianfeng Lu, was appointed as managing director of Kresta.
Aplus said the takeover offer was conditional upon the company acquiring all of the outstanding shares in Kresta, which would include the consent of the company's other major shareholder Fiesta Design.
The Queensland manufacturer bought a 19 per cent stake in the company in 2011 from former Kresta chairman Ian Trahar.
Mr Trahar divested his interests in Kresta after failing to complete a $47 million takeover of the company in the same year.
Back then Mr Trahar was offering Kresta shareholders 32.5 cents per share.
The takeover bid was made after fund manager Hunter Hall Investment Management, which was a Kresta major shareholder at the time, tried to oust Mr Trahar and fellow director Peter Hatfull from the board, citing concerns about disappointing profits and a sliding share price.
Hunter Hall sold its stake in Kresta late last year.
Kresta’s shares were up 24 per cent at 10:30am (WST) to 20.5 cents.