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DryShips (DRYS)  soared Thursday after the Greek shipping company said it received a non-binding offer letter from SPII Holdings, which is controlled by DryShips Chairman and CEO George Economou.

"The board of directors of the company has formed a special committee consisting solely of disinterested directors to consider the proposal," DryShips said in a statement.

The offer from SPII Holdings proposes "a transaction pursuant to which the company would be merged into a subsidiary of SPII Holdings," DryShips said, without providing further details.

The stock was up 24.05% to $3.92 a share in premarket trading. DryShips had declined 44% year to date prior to trading Thursday.