Family interests associated with the founder of Michael Hill International have received Overseas Investment Office approval for a partial takeover offer for the jewellery company.
Durante Holdings already holds 47.6% of the company and is bidding for up to 50.2% of the company.
It is offering 90 cents per share for a controlling stake in the jewellery company, valuing MHI at about $344 million.
The offer has been extended and will now close on 28 February.
Durante Holdings is a privately-held Australian entity representing the Hill family.
