United Malt Group (ASX:UMG) says Europe's largest commercial maltster, Malteries Soufflet has submitted a proposal for all shares in United Malt at $5.00 per share in cash by way of a members' scheme of arrangement.
The malt processor says the price represents a 45.3% premium to the last closing price of United Malt shares of $3.44 as at March 24.
The companies are now engaging in due diligence so Malteries Soufflet can provide a binding proposal, and United Malt has also granted exclusivity under a Process Deed.
United Malt's share price is up 31% at 12:37pm AEST.