Sources have informed that Michael Hill's family is trying hard to get controlling stake in his jewellery retail business. This unit was founded by Michael and the family is waiting for the formal offer for partial stake sale that is going to open in January.

Durante Holdings, which is the investment vehicle for the family, is the one that will be buying the stakes.

They are going to around 10 million shares and post the buying the family's share will rise up to 50.2 per cent.

The formal offer is going to be for 5 per cent above Friday's close making it 90 cents per share.

The offer will open from January 19. Today morning, the shares in Micheal Hill rose by 3 cents to close at 88 cents.

That makes the value of the retailer $325 million. This is not the first time that the family has tried to raise its stake above 50 per cent. The first time was in August.

Presently, Durante, the Australian company is the major shareholder with 47.6 per cent stake in Micheal Hill International.