Quintis managing director and major shareholder Frank Wilson has quit his post after a confidential approach from an overseas bidder seeking to take over the Indian sandalwood producer.
Mr Wilson, who owns 13 per cent of Quintis, says he was approached by "a well-funded, credible party" seeking to buy the balance of shares in the company and has resigned to give full-time consideration to the move.
Mr Wilson is the founding chairman of Quintis, which recently changed its name from TFS Corporation and has extensive plantations of sandalwood across norther Australia.
"I have personally received several approaches over the years from parties interested in Quintis, although none have progressed to a formal proposal," he said in a statement on Tuesday.
"More recently, I have been contacted by a well-funded party with what I believe to be a serious approach."
Mr Wilson will now work with the unnamed international corporation to present a change of control offer to the Quintis board.
Mr Wilson tendered his resignation to the board on Monday night and on Tuesday morning the company said it had not yet received an offer but would consider any proposal.
Quintis said it has "a very experienced senior management team" who can fulfil Mr Wilson's duties.
Mr Wilson is required to give 20 weeks' notice, the company said.
Shares in Quintis jumped 14 per cent to $1.25 on the news, rebounding from heavy falls last week in the wake of a negative research report on the company produced by activist investor group Glaucus Research.
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