UPDATE – Following his revised takeover offer, 99-year old Godfreys Co-Founder, John Johnston, has won control of the ailing retailer, after major shareholders revealed they would sell to his higher bid.

Godfreys Co-Founder, John Johnston, has lift his takeover bid for the struggling vacuum cleaner retailer, despite falling sales and several consecutive profit downgrades – news which has sent shares soaring 8% to 33.5 cents.

99-year old Johnston has boost his takeover bid from 32 cents to 33.5 cents, taking his all-cash offer from $13.1 million to $13.7 million.

First presented in April, Johnston’s takeover offer is made via the family-owned ‘Arcade Finance’.

As per The Australian, Arcade Finance Director, Grant Hancock, claims the revised offer intends to spurn quick shareholder approval:

“While a number of shareholders have already accepted the initial offer, we believe many others have yet to consider their position”

“This new offer is designed to re-engage their interest and to encourage them to act quickly.”

As previously reported, Godfreys Board has urged shareholders to approve Johnston’s takeover bid.

The news follows Godfreys’ recent profit downgrade – an underlying EBITDA [before one-off costs] of around $3.5 million, down from its former forecast of $5 million to $6 million.

Johnston/Arcade’s offer will remain open until June 7th, with minimum acceptance of 90%.