One of the stocks that experienced considerable action on Friday was that of Overseas Shipbuilding Group (NYSE:OSG). The stock soared by as much as 37% after the company announced that Saltchuk has expressed interested in acquiring it. Overseas Shipbuilding Group is involved in providing shipping transportation industry for petroleum products and crude oil in the United States.
Yesterday, the company announced that Saltchuk indicated interest in acquiring all the outstanding and issued shares in the company. Saltchuk has offered $3 a share for the acquisition and that is considerable premium when compared to the closing price of $2.10 per share on Thursday.
In light of such an announcement from the company, it was no surprise that investors piled on to the stock in a big way. Saltchuk is a privately owned business, which is based out of Seattle and has considerable interests in distribution and transportation industries.
In a statement, Saltchuk stated that due to the cycles of the shipping business, it is better for a company in the sector to be owned privately. This is a story that investors could consider following closely over the coming days, since any fresh development might result in movement in the Overseas Shipbuilding stock price.
Market Reaction:
On Friday, OSG stock soared 37% at $2.88 with more than 18.68 million shares, compared to its average volume of 916k shares. The stock has moved within a range of $2.7600 – 3.0400 after opening the trade at $2.88. Over the past 52-week, the stock has been trading within a range of $1.8100 – 3.0400. The stock made a new high of $3.04.
 Stock Hit New High: How Far Can it Go?){kind=link}