Shares of Image Entertainment Inc. surged more than 20 percent Friday after the company said late Thursday that it had agreed to be acquired by a group led by film producer David Bergstein for about $132 million, including debt.

The deal was for $4.40 a share, a 27 percent premium on Image’s $3.46 closing price Thursday, and puts an end to the tussle between Santa Monica-based Lion’s Gate Entertainment Inc. and the Chatsworth-based disc reproduction and distribution company.

Over the past year, Lions Gate had made at least three attempts to acquire the company, all of which were rebuffed by Image. Lions Gate last offer was for $4 per share. Lion’s Gate still holds an 18 percent stake in Image.

The acquisition includes the assumption of $24 million in debt and an advance of $9 million, the company said. Image expects the deal to close by the end of July.

Shares in Image gained 72 cents, or 21 percent, to $4.18 in afternoon trading Friday on the Nasdaq.