Getty Images Stock Is Ripping Higher: What's Going On?

Getty Images Holdings Inc GETY shares are trading higher Monday after Trillium Capital announced a proposal to acquire the company.

What Happened: Trillium announced a non-binding proposal to acquire Getty Images for $10 per share in cash, contingent upon a number of things.

Contingencies include immediate engagement by the board, due diligence, satisfactory financing arrangements as well as a satisfactory purchase and sale contract, completion of all regulatory matters and approval of shareholders, among other things. 

"Should our non-binding proposal be accepted, and we close the proposed transaction, we would expect that our Managing Partner will join the Board of Getty and become its Chairman," Trillium said in its proposal.

"We urge the Board to enter a non-disclosure agreement with us and allow us to commence due diligence as soon as possible."

Trillium noted that it can withdraw the proposal at any time without notice. 

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GETY Price Action: Getty shares were up 59.9% at $8.08 at the time of writing, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.