Antares shares climbed five cents, or 8.5 per cent, to 64 cents.
Lone Star, which owns about six per cent of Antares, has been locked in a bitter fight with Mr Cruickshank and the rest of the board for several months.
The takeover bid comes a day before shareholders are due to vote on a proposal from US investment fund Lone Star to sack two members of the Antares board and appoint five new directors.
THE US focussed Antares has received an incomplete, indicative proposal to buy all of the company's shares, chairman James Cruickshank said.
"Having now received and reviewed the terms of the Nike Shoes For Men 2017 offer, the company has sought additional clarification of these terms and provided to the Nike Sneakers For Girls High Tops
"Should these ongoing communications lead Sneakers Nike Black
bidder an amended term sheet," he said.
an acceptable term sheet, we would then enter into an additional confidentiality agreement to allow the bidder access to the company's data room to enable them to complete appropriate due diligence."
Antares shares lift on takeover bid
The value and terms of the bid and the identity of the party proposing the takeover have not been provided to the market.
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