The offer will be presented at a shareholders meeting later on Wednesday, the source said.
French holding company Menelas, owned by Cinven Investment Fund, launched a 70 euro a share offer for Sperian earlier this year, valuing the maker of protective clothing at 536.2 million euros ($665.7 million). Sperian said on Monday it had received offers “significantly higher” than 70 euros a share.
The shares were suspended on Wednesday after closing at 88.75 euros on Tuesday. ($1=.8054 Euro) (Reporting by Florent Le Quintrec and Julien Ponthus; Editing by James Regan)