Chinese company Zhejiang Rifa Holding Group (RIFA) has offered a bid to acquire majority control of New Zealand's specialist aviation firm Airwork Holdings Limited.

RIFA has offered a takeover lock-up deed to acquire 75 percent of Airwork for $3.93 per share in a deal valued at $148 million, according to Reuters.

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Shares of the company soared to as much as 17.3 percent to $3.93 following the announcement. Airwork went public in 2013, selling shares in an initial public offering at $1.89.

On the other hand, Airwork, which offers plain and helicopter maintenance and provide charter service, said it is considering RIFA's offer.

The deed, however, is still subject to several terms including agreement from the Commonwealth bank, ANZ, and BNZ to continue Airwork's current funding scheme as well as arrangements from joint venture partners on existing terms, the Scoop.nz noted. The takeover deed is also subject for approval from the Overseas Investment Office and Chinese government.

Following the deal, RIFA said it will continue to list Airwork on the NZX main board, support its current business strategy, and maintain its corporate headquarters in New Zealand.

RIFA is positive that Airwork has growth opportunities to offer with it as a major shareholder such as developing its maintenance, repair and overhaul emerging markets' capabilities, and expand China's helicopter leasing business.

Meanwhile, independent directors of Airwork have advised its shareholders not to take any action. A deed intends a takeover notice, which is expected to give on or before this Friday (Oct. 7), according to Scoop.nz.

TagsRIFA, Zhejiang Rifa Holding Group, Airwork, new zealand, helicopter, china, merger and acquisition, aviation