TUTT Bryant Group shares jumped 43% to 90c on Friday on news of a buyout bid from majority shareholder, Singapore company Tat Hong Holdings.

Tat Hong floated TBG in December 2005 at an issue price of $1.00 per share and has retained a 70% shareholding.

It is offering minority shareholders 92c per share, valuing the company at $132 million.

The offer is unconditional, except for Foreign Investment Review Board approval.

Released to the ASX late on Thursday afternoon, the offer represented a 46% premium on Thursday’s 63c closing price.

TBG’s independent directors have unanimously recommended the offer.

Clayton Utz national M&A practice head John Elliot is leading the team advising TBG on the proposed acquisition.

"This is yet another example of an ‘agreed’ deal, a trend that has gathered pace in recent times," Elliot said.

TBG includes crane hirer Tutt Bryant Crane Hire and multi-franchise construction equipment dealer BT Equipment.

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