Greenbay Properties made a 1.6 billion South African rand unsolicited offer for the European assets of South African construction firm Group Five, Reuters reported, citing a statement from the company.

Group Five has formed an independent board to consider the terms and merits of the offer.

The offer values Group Five's assets 60% higher than its market capitalization of roughly 1 billion rand, reflecting that its South African assets are "not highly rated," Reuters said.

As of Oct. 13, US$1 was equivalent to about 13.29 South African rand.