Spanish food firm Grupo SOS Cuetara has said its US unit has made a €35m (US$42.9m) offer for 100% of Houston-based American Rice.

SOS Cuetara said its offer had been accepted by management and by more than 50.1% of shareholders, reported Reuters.

The group holds 75% of its US subsidiary, SOS Cuetara USA, while Cambium Equity Investment holds 25%.

"SOS Cuetara will provide 75% of the price, and Cambium the remaining 25%," a Grupo SOS Cuetara source told Reuters.

American Rice reported a loss of US$2.2m for the year to 31 August, on revenues of $137m.