Raymarine mystery bidder revealed?
By IBI Magazine
Marine electronics manufacturer Garmin is thought to be the mystery bidder behind a takeover approach for Raymarine, according to a story in yesterday's Sunday Telegraph. Sources close to the deal say the approach could be worth as much as £200 million.
Several private equity companies are also thought to be eyeing the company, according to the paper.
Shares in Raymarine, which had been trading at £249.25 pence when the market closed on Friday, rose by 10.8 per cent to £276.25 in response to the announcement. Garmin's share price grew by 5.9 per cent to US$50.02.
With a market value of £200 million, Raymarine describes itself as the world leader in marine electronics. The company has offices in the UK, Europe, the US and Australia, and is listed on the London Stock Exchange.
Garmin, a global company with offices in the US, Europe and Asia, manufactures GPS-enabled navigation, communication and information devices for the marine and other markets. The $10 billion Nasdaq-listed company has been on the acquisition trail in recent months, having purchased its Danish distributor, Fairpoint Navigation, in January. Since then, the company has signed letters of intent to acquire distributors in Belgium, Finland, Austria and Portugal.
Raymarine's annual general meeting will be held this Friday.
(19 May 2008)
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