The statement continued: 'In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the "Code"), Raymarine confirms that it has 80,967,800 ordinary shares of 1 pence each in issue and admitted to trading on the London Stock Exchange under the UK ISIN code GB00B040K612.'

The statement adds: 'There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.' The percentage shareholding in any quoted company at which a bid would automatically be triggered is 30%, although BB understands that doesn’t really apply to Raymarine’s current situation.

BB understands the company has nothing to add to this statement and that a further announcement will be made in due course.

Earlier this year, the company reported an excellent balance sheet due to continued growth of its worldwide business, which helped offset a softer US market.

'During 2007, the market outside of the US continued to be driven by robust demand for the supply of equipment across continental Europe and the emerging markets of Eastern Europe, the Middle East and Asia Pacific,' said CEO Malcolm Miller in an earlier statement.

Only last month. Goldman Sachs said Raymarine was 'materially undervalued' after its shares had halved in value from a peak of around 500p in April last year

There is much speculation over where the potential bid might come from with companies such as Garmin, Furuno and Simrad being mentioned, although many feel an approach from one of these is unlikely and an approach is more likely from a private equity buyer.