"While the board's review of this unsolicited offer is not complete, it is clear that the purchase price offered is significantly undervaluing Hyduke's business," Hyduke said in a statement.
The oilfield services company said Do All has offered 83 cents per share or roughly $20 million for the company, down from an earlier offer of $1.37 or about $34 million in a deal that the two companies were unable to close in September.
Shares in the company were up seven cents at 83 cents in trading on the Toronto Stock Exchange on Tuesday morning.
Do All Industries is a private oil and gas equipment and services company.
Hyduke said it has rehired financial advisory firm Sequeira Partners Inc. and will be looking at a number of strategic alternatives.
While the company was unable to solicit other offers under its earlier deal with Do All, Hyduke is under no such restrictions under the unsolicited bid.
"Accordingly, Hyduke will be actively soliciting strategic investors and partners. Additionally, Hyduke will be looking at other ways to enhance shareholder value and provide shareholders with a viable alternative to this offer," the company said.