Yesterday, OMNI Energy Services Corp. (NASDAQ:OMNI
) stock traded twice the average for the company volume on no news
since the beginning of the month.
OMNI shares rose by $0.01, or 0.37%, to $2.71 during the session.
This was the next small step upwards of OMNI stock since the announced by the company plan of merger with Wellspring OMNI Holdings Corporation at the beginning of this June.
On the date of merger agreement, OMNI shares were worth $2.12 per share. As of yesterday, OMNI price rose by 28%. The slow climbing up probably reflects some investor expectations to receive $2.75 per share in cash from the above mentioned agreement.
According the agreement, by the time the merger becomes effective, each outstanding share of the company's common stock will be cancelled and converted into the right to receive $2.75 per share in cash.
Each outstanding option to acquire shares of common stock of the company will also be cancelled and converted into the right to receive certain amount in cash.
On August 3, 2010, OMNI announced that the Federal Trade Commission has granted early termination of the waiting period in connection to the merger agreement, under which an affiliate of Wellspring Capital Management LLC will acquire all of OMNI's outstanding shares for $2.75 per share in cash.
The transaction is expected to be closed in the second half of 2010.
Interestingly, since the date of the plan of merger, the stock price chart of OMNI looks like the cardiogram of a non- beating heart. During yesterday's session, OMNI stock at least noted an increase in its trading volume.