Simrad owns 80 per cent of Lowrance stock
By IBI Magazine
Simrad Yachting AS now owns around 80 per cent of the outstanding shares of Lowrance Electronics common stock.
The companies have announced that Simrad Yachting's wholly owned subsidiary Navico Acquisition Corp. has purchased all of the shares tendered and not withdrawn pursuant to its tender offer for all of the outstanding shares of Lowrance common stock at US $37.00 per share.
A total of 4,105,658 shares of common stock of Lowrance had been tendered and not withdrawn prior to the expiration of the offer on February 28, 2006.
Shareholders who validly tendered prior to the expiration of the offer and whose shares were not properly withdrawn will promptly receive the offer price of US $37.00 per share, net to the seller in cash without interest.
Simrad Yachting also announced that Navico will provide a second offering period which will expire at 12:00 midnight, New York City time on Friday, March 3, 2006, unless extended.
During this offering period, holders of shares of Lowrance common stock who did not previously tender their shares into the offer can do so and Navico will promptly purchase any shares at $37.00 per share, net to the seller in cash without interest.
After expiration of this period, Navico will acquire all of the remaining outstanding shares of Lowrance common stock by means of a merger under Delaware law.
In this merger, Navico will merge with and into Lowrance and Lowrance will become a wholly owned subsidiary of Simrad Yachting.
Each share of Lowrance's outstanding common stock will be cancelled and (except for shares held by Simrad Yachting, Navico or shareholders properly exercising dissenters' rights) will be converted into the right to receive US $37.00 per share. Lowrance's common stock will then cease to be quoted for trading on the NASDAQ National Market.
(2 March 2006)
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