Calavo Growers Inc. announced Wednesday that it has received a non-binding acquisition proposal valued at approximately $32.00 per share. The offer, which includes a combination of cash and stock from the unidentified proposing party, remains subject to due diligence and financing.

The Santa Paula-based company, a major player in the sourcing and distribution of fresh avocados, tomatoes, papayas, and avocado products, stated that its board of directors is reviewing the proposal with legal and financial advisors.

The offer is not binding, and Calavo emphasized that it may or may not result in a transaction. The company does not plan to provide further updates unless a definitive development occurs.

The proposed price represents a 36% premium over Calavo’s closing share price of $23.58 on June 10, and would value the company at roughly $571 million based on its approximately 17.84 million shares outstanding.