Simrad Yachting AS and Lowrance Electronics have announced that following the conclusion of the second tender offer conducted by wholly owned Simrad subsidiary Navico Acquisition Corp, Simrad now owns approximately 95.6 per cent of Lowrance's outstanding common stock.
Navico will acquire all of the remaining outstanding shares of Lowrance common stock by means of a short-form merger under Delaware law (US).
In this merger, Navico will merge with and into Lowrance and Lowrance will become a wholly owned subsidiary of Simrad Yachting.
Lowrance's common stock will then cease to be quoted for trading on the Nasdaq National Market.
Lowrance is one of the world's largest providers of marine electronics to leisure boats and has a particularly strong presence in the fish finders and GPS navigation systems segments of the market.
Simrad Yachting is a leading provider of marine electronics to high-end leisure boats and smaller commercial vessels.