One of the data center provider NaviSite's existing investors has offered to buy out all of the company's outstanding common stock at $3.05 per share. As of Monday morning, NaviSite's board of directors had not made a decision as to how to respond to the offer.

The bidder is Atlantic Investors, which already owns about 36.6 percent of NaviSite shares and has about 33 percent in voting power of the company's outstanding capital stock. The proposal is conditioned on Atlantic's ability to secure adequate financing to complete the transaction.

"The board of directors cautions NaviSite stockholders and others considering trading in its securities that no decisions have been made by the board of directors with respect to NaviSite's response to the proposal," the company wrote in a news release.

One of Atlantic's managing board members is Madison Technology. NaviSite CEO Arthur Becker (also one of the company's board members) is a managing member of Madison.

Over the past several months, NaviSite has been on the path of shedding assets associated with the businesses it had been running other than enterprise-class cloud computing services. The company has changed its strategy to focus solely on offering cloud-based solutions to large enterprises.

To that end, NaviSite has sold its managed application services business in February for $56m. During the following month, the company sold two data centers in San Francisco and Vienna, Va., for $5.4m. Most of the space in the two facilities had been used to provide pure colocation services ÔÇô not NaviSite's core product.