MaxiPARTS (ASX:MXI) received a conditional, nonbinding indicative proposal from Ares Management Asia Singapore to acquire 100% of the shares in MaxiPARTS for AU$2.50 per share in cash through private equity funds managed and/or advised by Ares via a scheme of arrangement, according to a Thursday Australian bourse filing.

The offer price will be reduced for any future dividend or other distribution declared or paid, excluding the final dividend to be paid on Sept. 17.

Its board decided to enter into an exclusivity deed with Ares to facilitate a four-week period, with an option to extend the period for a further two weeks, for Ares to complete due diligence. The firm provided Ares with access to a data room for the purposes of its confirmatory due diligence.

MaxiPARTS also entered into a binding agreement to acquire the assets of Air Brake Systems Unit Trust for a purchase price of AU$11.2 million.

Its shares jumped 28% in recent trading on Thursday.