Overhill Farms Inc. said Wednesday that it has rejected a proposal submitted by GESD Capital Partners and Citicorp Venture Capital to acquire the company’s stock for $4.40 per share.

The company made the proposal public last week a day before it reported a gain in first quarter profit along with record quarterly sales.

“Overhill Farm’s board has concluded that the most recent offer from GESD-CVC does not reflect the intrinsic value and long-term prospects of the company,” said James Rudis, chairman and chief executive officer of the custom manufacturer of frozen foods.

Overhill makes prepared airline meals and is a supplier to Jenny Craig weight-loss centers.

The offer, which values the company at $69 million, was a 74 percent premium on the closing price the day before it was made. Shares have gained 65 percent since the proposal was announced.

Shares in Overhill Farms closed down 1.9 percent to $4.17 in trading Wednesday on the American Stock Exchange.