Ocean Bio-Chem surges on $125 mln buyout by OneWater Marine

OneWater Marine

22/06/2022 18:22

** Shares of marine and automotive products maker Ocean
Bio-Chem  OBCI.O  more than double to $12.86 - a near 11-month
high
    ** Stock is the second biggest pct gainer across U.S.
exchanges in afternoon trade
    ** OneWater Marine Inc  ONEW.O  to buy OBCI in an all-cash
deal valued at about $125 mln to drive growth at its parts and
accessories business  urn:newsml:reuters.com:*:nGNXcfms9x
    ** ONEW, which sells boats and other products, to pay $13.08
per share for OBCI, which represents a premium of 121% to the
latter's last closing price
    ** As part of the transaction, OneWater says it will also
acquire OBCI’s affiliate, Star Brite Europe, and on closing of
the deal, both companies will be integrated into ONEW's unit
which sells boating and fishing accessories
    ** Deal expected to close in ONEW's Q4 ending Sept. 30;
shares of ONEW up 3.6%
    ** OBCI up nearly 48% YTD, including session gains

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))