Why Omega Protein Corporation Stock Skyrocketed

Shares of Omega Protein Corporation (NYSE: OME) were soaring today after it agreed to sell itself to the Cooke Inc for $22/share.

Canada-based Cooke said it had entered into an agreement to take over Omega Protein at the above price, which represents a 32.5% premium to Omega's closing price yesterday. Both boards of directors have unanimously approved the deal.

Omega Protein opened today's trading session at $21.95 and has been flat since then, representing a 32.4% jump as of 11:15 a.m. EDT.

Source: Fool.com