After two activist campaigns and one cancelled auction, nutritional products maker Omega Protein Corporation is finally hooked.
On Friday, Oct. 6, Canadian aqua-culture company Cooke Inc. said it would pay $500 million, or $22 per share, in cash for Houston-based Omega Protein.
Both boards of directors have unanimously approved the deal.
The deal is expected to close around the end of the year or early next year.
The moves comes barely more than a month after hedge fund BLR Partners LP, led by activist investor Bradley Radoff, (Ray-doff) along with Joshua Schecter, disclosed jointly owning nearly 6% of Omega Protein and said they’d like to see the company sold.
In early 2016, when Omega Protein shares were trading around $17 apiece, Obus told The Deal he thought the company could receive $25 per share in a sale, or about $550 million. Omega Protein share’s closed Thursday’s trading session at $16.60 apiece, giving the company a market capitalization of about $373 million.