Ryder System Inc. shares jumped on Friday after HG Vora Capital Management LLC offered to buy the trucking company in a deal valued at about $4.4 billion.

The hedge fund offered $86 in cash for each Ryder share it doesn’t already own, a 20% premium to Thursday’s closing price. “The purchase price is subject to revision if our due diligence supports a higher valuation,” the fund said. HG Vora Capital has a 9.9% stake in Ryder, according to the filing.

Ryder said in a statement that it would review the offer with its financial and legal advisers to determine the best course of action for its shareholders.

The proposed acquisition comes amid heightened attention on the supply chain, with clogged ports and trucker shortages exacerbating strains across the global network for transporting goods. Since hitting a low in the early days of the pandemic, Ryder’s stock has soared more than 200%, far outpacing broader market gains over the same span. The stock last traded above $86 in late November.

Shares of the Miami-based company rose a record 17% to close at $83.65 on Friday. Ryder, which operates primarily in North America and the UK, manages about 239,000 commercial vehicles and operates more than 330 warehouses.

While HG Vora, founded in 2009, has participated in takeovers before with other firms, a full acquisition of Ryder would be one of its most prominent and ambitious deals yet. HG Vora says it looks for undervalued companies with strong management teams. The fund’s biggest current holding is $600 million in shares of First American Financial Corp., according to data compiled by Bloomberg. It has previously held stakes in Tribune Publishing Co., Gamesys Group Plc and William Hill Plc.