Shares of real estate investment boutique MacarthurCook rallied on news of a takeover bid for the company, following months of brutal selling.
The company's shares gained 20 cents or 25 per cent to $1 on the news.
An unknown entity offered MacarthurCook $1.35 a share subject to undisclosed conditions, MacarthurCook said in a statement to the Australian Securities Exchange (ASX).
The offer is worth 70 per cent less than the company's record share price of $4.40 set in March last year.
"The board of MacarthurCook is currently considering its response to that proposal," the statement said.
The unknown bidder would be revealed by the end of today, it said.
MacarthurCook's major shareholder, Ascalon Capital Management, has already taken up the offer and is in a pre-bid agreement with the bidder.
Co-owned by St George Bank and Kaplan Equity, Ascalon has an 18.37 per cent stake in MacarthurCook.
MacarthurCook has over $1.5 billion of assets under management across its various property funds and its mortgage fund.
