Bain Capital has made a $775.1 million bid to acquire Estia Health, with the disclosure of the offer on Friday pushing shares in the residential aged care provider to three-year highs.

The company said it had received a non-binding, indicative proposal on Thursday valuing the company at $3 per share. “The ... proposal is expressed to be subject to a number of conditions including satisfactory completion of due diligence on an exclusive basis,” Estia told investors in a statement.