Property developer Villa World has received a sweetened takeover offer from AVID Property Group Australia, which now values the company at $293.5 million.
AVID bumped up the offer to $2.345 for each Villa World share from $2.23 a share offered mid-March.
Villa World said in a statement on Thursday that its directors intend to vote in favour of the revised proposal.
The increased bid for the company, which has been operating in Australia's residential market for more than three decades, comes as the local property market witnesses a rapid decline in prices.
In December last year, the company said that it would be unable to achieve its fiscal 2019 guidance as a result of weakening residential housing market conditions and customer sentiment.
At 1040 AEST, Villa World shares were trading up nine cents, or 4.09 per cent, to $2.29, their highest level since September.
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