NEW YORK (Associated Press) - Pyramid Breweries Inc. said Tuesday that privately held Magic Hat Brewing Co. and Performing Arts Center Inc. has offered to buy the specialty brewer for $2.75 per share in cash.

Pyramid shares jumped 69 cents, or 39.2 percent, to $2.45 in afternoon trading. Shares have traded between $1.50 and $4.66 in the past 12 months.

South Burlington, Vt.-based Magic Hat plans to make a tender offer for Pyramid's outstanding shares, conditioned upon the acquisition of at least 66.67 percent of the shares.

The transaction is valued at $25.2 million, based on 9.2 million shares outstanding as of March 10.

The acquisition, which is subject to a definitive merger agreement, is expected to close no later than Aug. 31, the companies said.

Pyramid's board has approved the deal.