Centro (CNP) shares were off to a good start on Wednesday following an invitation for expressions of interest.
Shares jumped by as much as 22.7% to $1.24 in the early morning trading, with more than 36 million shares changing hands.
Centro management on Wednesday said they are undertaking a strategic review process.
"In recent days, we have received a significant number of unsolicited expressions of interest from a range of strategic and financial investors in potential investments in the group," chairman of Centro, Brian Healey said.
"Therefore, as part of the strategic review process, Centro is now seeking expressions of interest for key alternatives available to it," he added.
The board plans to adopt a process that allows the effective evaluation of any expression of interest on an equal basis.
It said expressions of interest are being sought for either or both a whole of group review, including a recapitalisation, equity issuance or acquisition of Centro; or the acquisition of the group's interests in its Australian and US wholesale funds.
The embattled shopping centres owner was trading around the $6.00 mark at the end of 2007 when it plummeted to a low of 42 cents on 18 December 2007 after revealing it was struggling to refinance its debt of $3.9 billion.
It has since traded in a range between $0.805 and $1.32.
CNP was trading at $1.19 as at 11:00AM AEST.
