Energy One (ASX:EOL) shares leaped up to 36.8% to a price of A$5.540, marking their most substantial intraday percentage gain since April 9, 2014.

The company received a discreet, suggestive, unfinished, conditional, and non-binding proposal from STG.

The deal constituted an indicative price of A$5.85 cash per share, scoring a 44.4% premium to Energy One’s (ASX:EOL) ultimate close of A$4.05 on August 25.

Energy One (ASX:EOL) also consented to an exclusivity deed for a hastened exclusivity period, permitting STG to conclude confirmatory due diligence.

The company’s stock achieved its highest level since September 6 following the proposal.

Approximately 61,239 shares were traded, significantly over six times compared with the 30-day typical volume.

Despite this, Energy One’s (ASX:EOL) stock had been down 9.4% this year, as of its last close.

Energy One is a company known for its involvement in the energy sector.