Titanium miner Kenmare Resources said it had received a revised bid from Iluka Resources and that it would work with the Australian company on the proposal in the interests of its shareholders.
Kenmare said the revised proposal would trade 0.016 share of Iluka for every Kenmare share.
The Irish exploration company had rejected Iluka's offer of 0.036 new Iluka share for each Kenmare share in June 2014.
Both shares have fallen since then.
