Activist investor Trillium Capital announced today that it has made a bid to acquire Getty Images (NYSE:GETY) for $10 per share in cash.

The stock closed at $5.06 on Friday.

“Our non-binding proposal is contingent upon a number of things. These include immediate engagement by the Board of Directors of Getty (the “Board”), completion of satisfactory due diligence, obtaining satisfactory financing arrangements, entering a satisfactory purchase & sale contract, filing and completion of all regulatory matters related to our non-binding proposal and approval of shareholders, to name a few things,” the company said.

Trillium said it expects its Managing Partner to join the Board of Getty and become its Chairman.

“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,” the investor further said.

Getty shares are down 8.8% year-to-date (YTD).