Why Shares Of Ocean Bio-Chem Rose 117% On Wednesday

Ocean Bio-Chem Inc. OBCI shares are trading higher after the company announced it will be acquired by OneWater Marine for $13.08 per share in an all-cash transaction valued at approximately $125 million.

Austin Singleton, Chief Executive Officer for OneWater, said "Ocean Bio-Chem brings aboard a suite of iconic brands and consumable products to the OneWater portfolio, and we are thrilled that OBCI's experienced and highly regarded team will be joining us."

Ocean Bio-Chem Inc is engaged in the manufacturing, marketing, and distribution of a broad line of appearance, performance and maintenance products for the marine, automotive, power sports, recreational vehicle, home care and outdoor power equipment markets, under the Star brite and Star Tron brand names.

OBCI Price Action: Ocean Bio-Chem, Inc. has traded between $13.40 and $5.90 over a 52-week period.

The stock was trading about 117% higher at $12.86 per share on Wednesday at the time of publication.