The Simonds home building family, founders of the listed Simonds Group, are preparing to buy out the company with outside assistance from the Roche family.
Simonds are set to leave the ASX boards after an unhappy experience as a listed company since late 2014.
An email was sent to staff on Tuesday flagged a potential change.
Its shares were placed in a trading halt.
Simonds' family vehicle and Roche Holdings settled on a 40¢-a-share deal under which a company owned 51 per cent by the Simonds family and 49 per cent by the Roche family would buy all outstanding shares of Simonds Group.
The price represents a 38 per cent premium to the 29¢ price at which the shares last traded before going into a trading halt on Tuesday afternoon.
It gives the company a value of about $57.5 million.
Gary Simonds retained a 37 per cent stake after listing the company he founded in 1949.
Simonds has seen its share price fall as low as 27¢ from the $1.72 price initial float.
