QR Sciences Limited is the target of a takeover.
However, that takeover is being conducted by its parent QR Sciences Holdings Limited.
Under the takeover terms, QRL shareholders will be offered five preference shares plus one listed option in Holdings for every two QRL shares they hold.
QR Sciences Holdings CEO and chairman Kevin Russeth said: "The close relationship between the two companies, with QRL dependent on Holdings for financial support and management, suggests that the consolidation of the two companies would be a better outcome for all shareholders".
Gadens Lawyers has been retained to provide legal advice to QRL during the bid.
