PAS Group, owner of Review and Jets Australia, is at the centre of a takeover bid.
PAS Group's largest shareholder Coliseum Capital Management has made a bid that values the firm at $69.7 million.
Coliseum currently owns 39% of the group, with an unconditional bid of 51 cents per share for the remainder.
"Based on Coliseum's extensive research and its discussions with leadership at PAS, the bidder believes that PAS is well positioned with seasoned management and a talented employee base to continue to drive profitable growth," Coliseum said in a statement.
"PAS's ownership of a collection of storied Australian brands and ability to fill an underserved niche in the Australian market has the potential to continue creating meaningful value."
PAS Group reported a 3.7% fall in half-year profit to $4.8 million for the six months to December 31.
Like for like sales, however, rose 4.6% on the prior corresponding period to $135.7 million.