Manufacturer Bradken is opening its books to its private equity suitors and fielding takeover interest from other parties.
Pacific Equity Partners and Bain Capital Asia last week lodged a non-binding, indicative proposal to pay $872 million for all shares in the cast iron and steel supplier.
Bradken's board has now decided to allow the consortium to conduct due diligence and hold further talks.
Additional inquiries have also been made since the private equity offer was made public, and Bradken's board will consider them if they develop further, the company said.
"There can be no assurances that any of these discussions, including the proposal, will result in a transaction," it said.
Bradken shares were down nine cents, or 1.9 per cent, at $4.47 at 1516 AEDT, but remain 35 per cent higher than their value prior to the announcement of the takeover interest.
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