(REUTERS) -- Canadian miner Crocodile Gold Corp is in talks with Luxor Group for an offer that is higher than the C$121 million ($117.87 million) the private equity firm made in December.

The board is also looking at alternatives to the bid and asked its shareholders to defer from tendering their shares to New York-based Luxor's offer.

On Dec. 27, Luxor offered to buy up to 215.4 million shares of Crocodile at 56 Canadian cents apiece. Crocodile had responded by calling Luxor's bid illegal under its shareholder's rights plan and had sought more time to decide on the offer.