“The Virtus board will set out their views in relation to the proposed offer from BGH in a target’s statement, which will include an independent expert’s report and which will be sent to all Virtus shareholders,” the business said in a statement to the ASX.

The CapVest offer of $8.25 is an increase of 55 per cent on the value of shares in mid-December 2020, before BGH made its first bid. The proposal will not go to a shareholder vote until June, however, and it is not yet clear whether it would garner enough votes to pass.

It is not yet clear how any dividend components would be taxed, with Virtus seeking a class ruling from the Australian Tax Office about how franking credits and offsets would be applied.

“The offer provides Virtus shareholders with an opportunity to divest as much of their shareholding in Virtus as they deem appropriate, in an orderly manner and without the need to pay brokerage fees, and with the opportunity to receive certain value,” BGH said in a statement.

Besides BGH, other major shareholders in the company include Yarra Capital Management and Paradice Investment Management. Yarra declined to comment on the new offer, and Paradice has been contacted for comment.