A private equity firm offers $ 150 million in cash for Phoenix Technologies Ltd which makes software that loads a computer’s operating system, the current bid topping an previous buyout offer by a firm, said the company.

The Phoenix Technologies received the proposal of $ 135.1 million on Wednesday follows an offer by Los Angeles, California based private company Marlin Equity Partners to buy company.

Since 17 August when company first received a buyout offer the shares of Phoenix Technologies have jumped 14 %, which rose 13 % to touch a new 52 week high of $ 4.28. by midday the shares of Phoenix Technologies changes hands around 2.8 million, which is over its twice moving average of 25 days.

The Phoenix Technologies said in a regulatory filling that the company’s board has resolute that the latest offer meets conditions to enter in to discussions. The deal with Marlin Equity Partners required to maintain minimum cash balance of $ 25.85 million at closing which down from $ 30 million, the difference of $ 4.15 million is the termination fee that would be payable to Marlin Equity Partners, by Phoenix Technologies.

On Monday midday trade on Nasdaq shares of the company were 6 % up at $ 4, and touched high of $ 4.28 in earlier session.