Lynch Group (ASX:LGL) signed a scheme implementation agreement with Hasfarm and Darwin Aus Bidco under which Hasfarm Bidco agreed to acquire 100% of the company shares through a scheme of arrangement, according to a Wednesday filing with the Australian bourse.

Shareholders will receive AU$2.245 per share in cash, minus any permitted dividend paid before the scheme's implementation, the filing said.

The company board recommended that shareholders vote in favor of the scheme in the absence of a superior proposal, pending an independent expert's conclusion that the scheme is in the best interests of shareholders, per the filing.

Lynch Group shares rose past 23% in morning trade Wednesday and earlier reached their highest since September 2023.