U.S. oilfield services company Superior Energy Services Inc said it planned to acquire British subsea services provider Hallin Marine Subsea International for about 96.5 million pounds ($157.4 million) in cash, sending Hallin's shares up 76.7 percent.
The offer price of 233 pence a share represents a premium of 87 percent to Hallin's Thursday close and values the company at 103.5 million pounds on a fully diluted basis.
Hallin's board recommended the proposed offer, Superior Energy said in a statement.
Hallin had a turnover of $60.3 million for the six months ended June. 30.
Superior Energy said the acquisition would be funded using its currently committed debt financing arranged by JP Morgan Chase Bank.
In the short-run, this transaction will provide us with more international penetration and expanded entry into the subsea field development and installation market, Superior Energy Chief Executive Terry Hall said.
Hallin Marine shares were trading up 95.5 pence at 220 pence at 1015 GMT on Friday on the London Stock Exchange.
Superior Energy closed at $20.30 on Thursday on the New York Stock Exchange. ($1=.6131 POUND) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Vinu Pilakkott)