Correction: Garmin offer independent of unnamed third party
Raymarine – crunch time today
On April 29, 2010, Raymarine announced it was in advanced discussions with a third party over a sale of Raymarine Holdings Limited, representing the entire business operations of Raymarine and its subsidiary undertakings. Things are now moving fast out there...
BID: In our story earlier today we incorrectly stated that that Garmin was the counterparty that this morning informed Raymarine that it was withdrawing its offer to buy the company’s assets and instead had approached the company’s bankers with a view to doing a similar deal with any administrator that might be appointed in the future, writes Matt Johnson. That deal would, like the initial offer, return around 17.5p to shareholders.
As this correction was being written, this counterparty was still unidentified. Garmin, which made an offer at the end of April worth 15p per share, meanwhile announced this morning that it had similarly written to the board of Raymarine offering to meet with any potential administrator to discuss the terms on which it might acquire the business operations of Raymarine, but which would ultimately allow a return to Raymarine shareholders in excess of 17.5p.
Our apologies for the unintended confusion. The contest for Raymarine therefore remains a two-horse race, albeit on similar terms as far as the shareholders are concerned. The company’s ability to influence the proceedings will depend on the outcome of the talks currently underway with its bankers, and whether it can avoid going into administration.
• As we finished this newsflash, we were told Garmin had put in a bid - watch out for another newsflash as soon as we can get it to you...
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