Struggling vacuum cleaner merchant Godfreys is assessing the A$13 million ($13.6m) takeover bid by its 99-year-old co-founder.
The retailer has urged shareholders to take no action until a yet-to-be-appointed independent expert has determined whether the offer is fair and reasonable.
John Johnston, who first launched Godfreys in 1936 with Godfrey Cohen in Melbourne, has made an all-cash bid of 32 cents a share through his family-owned Arcade Finance.
The bid represents a 49 per cent premium for the stock, which on Monday was at an all-time low of 21 cents.
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"The directors will carefully consider the proposal by Arcade as announced," Godfreys said in a statement to the ASX on Tuesday.
Since listing in 2014 at $2.75, Godfreys has suffered falling sales, multiple changes of senior management, and a sustained slide in share price to its current level.