UK-based NeutraHealth Plc said it received an unsolicited offer from India's Elder Pharmaceuticals at an indicative partial offer price of 5.5 pence per share.
A potential deal could raise Elder's stake in the company to between 50 percent and 60 percent from 21 percent, the distributor of vitamins, supplements and alternative remedies said in a statement.
NeutraHealth, which delayed releasing its results following the offer approach, said it expected 2008 revenue to be about 28.9 million pounds ($41.37 million), with earning before interest, taxes, depreciation and amortization, before one off items, of 1.9 million pounds.
Net debt is expected to be 4.3 million pounds, it said.
NeutraHealth shares were up 29.4 percent at 5.5 pence at 0816 GMT
Says indicative partial offer price at 5.5p/shr
* Offer could raise Elder's stake to 50-60 pct
* Sees '08 EBITDA at 1.9 mln stg, rev 28.9 mln stg
* Shares rise 24 pct