We called it - womenswear chain Noni B is set to be purchased by a private investment group for $16.4 million.
Noni B placed its shares in a trading halt this week over a potential material transaction.
Alceon Group has made an off-market takeover offer of 51 cents a share for the business.
Noni B has advised its shareholders to accept the offer.
The proposal is is priced at a 32 per cent premium to the 38.5 cents its shares were trading at on May 28.
Chairman Joycleyn Morton said this was when the group announced a strategic overhaul.
"Since announcing the strategic review in May 2014, the directors have given careful consideration to the way forward for Noni B and have concluded that the proposal from Alceon is in the best interests of the company.
"The proposal maximises shareholder value and provides an opportunity for Noni B shareholders to realise a premium to the recent market price for their shares, notwithstanding the current market conditions and recent trading performance of the company."
Members of the founding Kindl family have agreed to grant an option to Alceon.
Alan Kindl said the takeover offer would secure the retailer’s future.
"Furthermore, I strongly believe that under Alceon’s ownership, Noni B will see increased focus on its brand, product and retail presence and that the company will continue to serve its customers throughout Australia," he said.
Noni B recently announced a $7.8 million full year loss on the back of falling sales.