Shares of Target Hospitality Corp ( TH ) are trading higher after the workforce lodging company’s Board of Directors received an unsolicited non-binding proposal from Arrow Holdings S.à r.l.

Arrow, an affiliate of TDR Capital LLP, has offered to acquire all of the outstanding shares of common stock of Target Hospitality ( TH ) that they do not own for cash consideration of $10.80 per share.

The offer price represents a premium of 21% to Friday’s closing price of $8.92.

The Board intends to establish a special committee of independent directors with its own independent advisors to review the proposal.

Target Hospitality ( TH ) noted that there can be no assurance that any agreement with respect to the proposed transaction will be executed.

Target Hospitality ( TH ) builds, owns, and operates a customized and growing network of communities for a range of end users, including premium food service management, concierge, laundry, logistics, security, and recreational facilities services.

Price Action: TH shares are trading higher by 23.99% at $11.06 on the last check Monday.