The offer was procured by TIPP Investments as part of its settlement deal in June in relation to its ownership of Chagala shares.
Realty Invest has offered US$2.15 a share, some 53% higher than the 12-month average and a premium of 39% to the US$1.55 bid put forward by Asian Investment Management earlier this summer.
Shareholders representing 62.5% of Chagala shares have agreed to accept the offer, although others in control of 27.8% of the stock have said they have no intention of selling.
Among the sellers are the company’s directors, who will step down following competition of the offer and be replaced by new ones put forward by Realty Invest.
Shares rose 60% to US$2.00 on Friday morning.