(Updates to add stock movement in the headline and the last paragraph)

EQT Holdings (ASX:EQT) received an unsolicited, indicative, and non-binding proposal from private equity firm BGH Capital to acquire all outstanding shares for AU$24.75 in cash per share, less any dividends declared or paid, according to a Friday filing with the Australian bourse.

The proposal remains subject to due diligence, BGH investment committee approval, agreement on the scheme deed, shareholder and regulatory approvals, and other customary conditions, per the filing.

The company's board will review the proposal with its advisers, while noting that it may not result in a binding offer or completed deal, the filing added.

The company's shares rose around 11% in recent Friday trade.