The news of an offer of $32 a share, said to be a 14 percent premium over its normal trading range, boosted the Aramark stock price by $5.79, or 21 percent, to $33.90.
Neubauer said in a statement the board has formed a committee of independent directors to look into the offer.
The investor group includes funds managed by GS Capital Partners, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus. Under the deal, Neubauer and other senior management personnel would continue to run the company.
Equity funds managed by the four financial companies will be used for the buyout, plus about $6.5 billion in debt financing arranged through Goldman Sachs and J.P. Morgan Securities.
Aramark employs about 240,000 employees in 19 countries who handle food services, facilities management and uniform apparel at arenas, stadiums, hospitals and schools.