Belgian-based resins manufacturer Allnex is offering to buy specialty New Zealand resins manufacturer Nuplex Industries for $1 billion.
Allnex is offering $5.55 a share for Nuplex, which represents a 44 percent premium to Friday's closing price of $3.86.
That price includes whatever interim dividend is announced on Thursday when Nuplex releases its first half financial result for the six months ended in December.
Nuplex's board said it considered the offer to be attractive and recommended shareholders sit tight for six weeks, while Allnex completes its due diligence and the parties work to develop a mutually acceptable binding agreement for the takeover.
The offer was subject to the approval of the companies' governing bodies and there was no certainty it would result in a binding agreement.
In a second takeover bid revealed today, listed digital document manager Diligent Board Services has received an offer from an American company.
Insight Venture Partners, a venture capital and private equity firm investing in high-tech stocks, is offering $7.39 cents a Diligent share, which is a 31 percent premium to its closing price on Friday.
Diligent is largely based in the United States where it makes most of its sales, and has recurring licence revenue of about $US100 million a year.
Its board of directors are unanimously recommending the deal, which values Diligent at around $NZ646m.