Crane operator Tat Hong Holdings says its subsidiary, Tat Hong International, has agreed to buy all the remaining shares of Tutt Bryant Group (TBG) that it does not already own at 92 Aussie cents ($1.12) a share.

Tat Hong currently owns 70% of TBG. Under the proposed acquisition, TBG shareholders will receive 92 cents in cash per fully paid share. This is a premium of 46% to Thursday’s closing price of A$0.63 per share on ASX

The offer values the ASX-listed construction equipment sales and industrial equipment hire service provider in Australia at A$132 million.

The directors of TBG unanimously recommend that all holders of TBG shares should accept the offer in the absence of a superior proposal. They intend to accept the offer in respect of TBG shares owned or controlled by them.