(REUTERS) -- Crocodile Gold, which owns and operates mines in the northern territory of Australia, said an affiliate of Luxor Capital Group has offered to buy a majority stake in the Canadian miner for about C$121 million ($118.47 million).

Crocodile Gold said the offer was not a permitted bid under a shareholder's rights plan, which was adopted after it received an unsolicited bid on Dec 14.

New York-based private equity firm Luxor Capital Group offered to buy up to 215.4 million shares, or about 69 percent, of Crocodile Gold at 56 Canadian cents per share.

Crocodile Gold has asked its shareholders to await the board's decision on the offer.