Universal had received from the offeror a written confidential, non-binding, indicative and conditional proposal to acquire all of the ordinary shares of the company at A0.25 per share.

“Subject to formal approval of the offeror’s board of directors, the independent directors expect to be in a position to announce the identity of the offeror and the terms of a formal offer, including the full details of the proposed consideration, by Thursday 26 November 2016,” Universal said in a statement.

“Shareholders are advised to take no action in respect of the proposal at the current time. The independent directors will provide a further update in due course, as appropriate.”