Miami-based funding agency Wildcat Infrastructure has submitted a nonbinding proposal to amass Austal USA from its Australian mother or father firm, Austal Restricted.

Austal Restricted disclosed the supply in a Sept. 9 submitting with the Australian Securities Alternate. A syndicate led by Wildcat proposed an enterprise worth of $1.25 billion to $1.35 billion on a cash-free, debt-free foundation. The supply is conditional on the completion of a four-week due diligence interval.

Wildcat indicated that it could function Austal USA as a standalone firm whereas retaining the Austal model and the shipbuilder’s U.S. operations.

The proposal exceeds a competing nonbinding supply from Hanwha Protection USA, which valued Austal USA at $1.05 billion to $1.2 billion on a cash-free, debt-free foundation.

Austal Restricted stated its board and advisers will think about Wildcat’s proposal. Neither supply represents a accomplished transaction.

Cell, Ala.-based Austal USA builds aluminum and metal vessels for the U.S. Navy, Coast Guard and different authorities clients.