Trillium offers to buy Getty Images in $3.95bn deal

Activist investor Trillium Capital has offered to buy Getty Images in a $3.95bn deal.

On Monday, Trillium - which owns more than 500,000 shares in Getty - announced a non-binding proposal at $10 a share in cash. This is a premium of just under 98% to the closing share price on Friday.

Shares in Gerry Images surged in pre-market trade and by 1430 BST they were trading up 57% at $7.94.

Trillium said: "We urge the board to enter a non-disclosure agreement with us and allow us to commence due diligence as soon as possible. We may withdraw our non-binding proposal at any time without notice.

"We believe that our non-binding proposal might create substantial value for the shareholders of Getty."

Getty is a visual media company and supplier of stock images, editorial photography, video, and music for business and consumers.