IMP Group has made an all-cash offer to acquire up to six million shares of Vector Aerospace, in a bid to increase its stake in Vector from 37.3% to about 53%.

Vector provides support for various types of turbine engines, dynamic components, structures and avionics.

The purchase will allow the private aerospace investment company to acquire control of the corporation and reduce liquidity for shareholders.

IMP currently exercises control and direction over 14,054,214 Vector Aerospace shares and offered a price about $6.52 a share.

Vector, however, has reported in a press release that the partial bid is not in the company’s best interests and it is exploring other alternatives.

Vector Aerospace has aviation repair and overhaul services in Canada, the US, the UK and Africa.