Australia's Scottish Pacific Group Ltd. made a nonbinding and conditional bid to buy CML Group Ltd. for 60 cents per share in cash.

Under the indicative offer, the total cash consideration comprises of 57 cents per share and a fully franked dividend of 3 cents per share to be paid prior to completion of the proposed acquisition, according to a Dec. 19 disclosure from CML Group.

Scottish Pacific is expected to complete due diligence and potentially make a binding offer prior to Jan. 29, 2020.

In November, CML Group agreed to a merger proposal with Consolidated Operations Group Ltd. Under the proposed deal, CML Group shareholders will have the option to receive 100% of the consideration in Consolidated Operations Group shares or receive a mix of cash and shares.

Meanwhile Consolidated Operations Group on Dec. 18 said it has no current intention to increase the proposed offer to CML Group shareholders.

CML Group said it continues to pursue the proposed merger with Consolidated Operations Group as it remains the best available transaction for shareholders.

CML Group is advised by financial advisers Henslow Pty Ltd. and legal advisers Automic Legal Pty Ltd.