Australian cancer company Sirtex (ASX:SRX) has received a $1.9 billion takeover proposal from Chinese asset fund manager, CDH Investments.
Confirmation of the new offer came just days before the planned finalisation of the $1.6 billion takeover bid made by US-based Varian in January.
In a statement, the company said its Board had agreed to engage with CDH to, "...further understand the conditions associated with the Indicative Proposal and, in an expedited timeframe, explore the potential to enter into a binding agreement."
It continued, "At this time, the Directors of Sirtex continue to believe the existing scheme of arrangement (Scheme) with Varian is in the best interests of Sirtex shareholders and continue to unanimously support and recommend the Scheme."
The CDH bid values Sirtex at $33.60 per share. The company was trading at $29.42 when it announced the CDH approach.
Sirtex is best known for its SIR-Spheres microspheres technology for the treatment of advanced liver cancer
Cancer company Varian is headquartered in Palo Alto, California, and employs approximately 6,500 people. It is listed on the New York Stock Exchange and has a market capitalisation of approximately US$11.8 billon.
CDH is a China-based alternative asset fund manager with over US$20 billion of committed capital under management.