Weber (US:WEBR) shares rose more than 30% on Tuesday after the iconic grill and smoker maker confirmed that BDT Partners, the company’s largest shareholder, offered a 24% premium to buy the part of the company it doesn’t already own.

The company said it would consider the offer.

The firm, started by Goldman Sachs veteran Byron Trott, offered $6.25 a share cash for the shares, which closed Monday at $5.03.

Trott’s firm owns just under half of Weber’s class A shares.

“Our proposal offers immediate liquidity to the company’s public stockholders while eliminating the risks to the public stockholders in the current market and operating environment that the company’s current leverage position is unsustainable and that the company may be unable to effect a recapitalization,” Trott said in a letter to Weber.

Word of discussions with BDT emerged on Oct. 13 when reports said it was in talks with BDT about a buyout. Subsequent reports said the discussions with the firm were about issuing debt to raise working capital.

Weber went public in August 2021 at $14 a share in a downsized offering and fell more than 48% this year, including Tuesday’s gains.

Trott told Weber he does not intend to sell the firm’s shares and is not interested in any other offer that could appear. He added the BDT wouldn’t vote its stake for any other proposed bids.

He requested the special board committee consider the offer and wouldn’t proceed with the takeover without a board recommendation.

“The board of directors previously formed a special committee of independent directors to evaluate and consider any potential or actual transaction proposal from BDT and any other alternative proposals or strategic alternatives that may be available to the company,” Weber said in a Tuesday statement. “There can be no assurance that any definitive agreement will result from the proposal submitted by BDT or that any transaction will be consummated.,” it added.

Fellow grill maker Traeger (US:COOK) jumped 15% in Tuesday trading. The Weber rival in July laid off staff and announced a cost cutting program.

Like many industries, the outdoor grill and cooking sector’s taken a hit as the pandemic eases and sales cool.

This article originally appeared on Fintel

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