The return of Getty Images to the public market has been far from picture perfect. The company, one of the world’s largest and best-known photo agencies, has suffered a share slump. From a high of nearly $31 shortly after it went public via a blank cheque merger last summer, it fell to a low of around $3.50 last month.

Now a little-known investor has offered to buy Getty at $10 a share. That would be a nice, chunky premium for a business whose famous name is accompanied by losses and $1.4bn in debt. Not surprisingly, the stock surged by more than a third to $6.85 on Monday.

The non-binding cash offer would value Getty’s equity at $4bn. Investors should contain their enthusiasm. The bidder, Trillium Capital LLC, appears to be a small outfit based in Massachusetts. It should not be confused with Trillium Asset Management, a fund manager with $6bn in assets under management, or other businesses with similar names.