The biggest share holder of vacuum cleaner specialist Godfreys (ASX:GFY) Arcade Finance has offered 32 cents for each Godfreys share.
Investment company NGE Capital intends to accept the offer if their conditions are met by the end of the day.
Arcade Finance is led by Godfreys 99-year-old co-founder John Johnston.
He launched Godfreys in Melbourne in 1936 with Godfrey Cohen and wants to privatise the business.
The company said it expected earnings to be in the realm of $3.5 million – or worse.
Shares in Godfreys (ASX:GFY) are up 6.45% to 33c