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Garmin makes offer for Raymarine

By BFN News | 04:34 PM | Wednesday 28 April, 2010


Navigation specialist Garmin has made a 15p per share offer for marine electronics firm Raymarine. It says the offer represents: * A 436% premium to the average share price of 2.8p per Raymarine share in the three-month period ending on the day prior to the announcement of a possible offer for Raymarine on 11 March. * A 366% premium to the share price of 3.22p on the day prior to the announcement of a possible offer for Raymarine on 11 March. * A 275% premium to the possible amount of approximately 4p per Raymarine share that would be available for return to Raymarine shareholders under the non-offer proposal referred to in Raymarine's announcement dated 21 April. * A 152% premium to the share price of 5.95p at the close of business on 27 April. * Total consideration to Raymarine shareholders of approximately £12.5m, implying an enterprise value of £104.1m (based upon the Raymarine Group's last published net debt figure of £91.6m as at 30 October 2009). Garmin chairman and chief executive Dr Min H. Kao said: "Garmin has long admired Raymarine and I am therefore pleased to be announcing what we believe is a compelling offer to acquire the company. "Raymarine's portfolio of products is highly complementary to our own. "The combination will bring positive benefits to the marine electronics market place and we look forward to working with the Raymarine board in the implementation of the offer and thereafter with Raymarine's management and employees to make the combination a success." Story provided by Business Financial Newswire

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