* To be sold to Wellspring Capital Management affiliate
* To get $2.75 per share in cash, premium of 29.7 pct
* Deal value around $122 mln including debt
* Shares up 22 pct
June 4 (Reuters) - OMNI Energy Services Corp OMNI.O, an environmental services provider to the oil and gas industry, agreed to be sold for about $66.3 million to an affiliate of Wellspring Capital Management LLC.
The offer price of $2.75 is at a 29.7 percent premium to OMNI’s Thursday closing price of $2.12 on Nasdaq. The stock was up 22 percent before the bell on Friday.
Wellspring would pay OMNI shareholders $122 million in cash, including debt, OMNI said in a statement.
The transaction will benefit shareholders of the debt-laden company, “especially in light of the uncertain markets after the unprecedented drop in our end markets in 2009 and the continued current uncertainty in the Gulf of Mexico,” CEO Brian Recatto said.
The deal agreement allows OMNI to actively solicit other possible bidders until July 16. In case of a better bid, the termination fee would include a break-up fee of about $1.8 million and expenses of up to $0.75 million, the company said.
Stephens Inc is advising OMNI on the deal. (Reporting by Krishna N. Das in Bangalore; Editing by Vyas Mohan)