Educate (EEEE) got a nonbinding management buyout proposal valued at $8 a share in cash.

The Baltimore-based education company said its board will review the proposal, which comes from CEO R. Christopher Hoehn-Saric, President Peter J. Cohen, unit president Christopher J. Paucek, Sterling Capital Partners and co-investors including Citigroup Private Equity.

Shares closed Friday at $7.06.