Garmin offers $19M to buy United Kingdom company Raymarine

[Brent]

http://www.bizjournals.com/kansascity/s ... st=b_ln_hl

Garmin Ltd. has made a roughly $19 million cash offer to buy Raymarine Plc., a United Kingdom company that makes navigation systems for recreational boats.

Garmin (Nasdaq: GRMN), which is incorporated in the Cayman Islands but has operational headquarters in Olathe, had confirmed in August that it was considering buying Raymarine. Raymarine had been in search of a sale, equity fund raising or additional loans since June. Its sales had been falling, forcing the company to make significant cuts to its labor force.

Garmin expects to make the purchase using cash on hand, the maker of navigation devices said in a Wednesday filing with the Securities and Exchange Commission. See the SEC filing here.

When combined with Raymarine’s debt, which was about $139.1 million in October, Garmin’s 22.8-cent-a-share offer implies a company value of about $158.1 million.

The acquisition hinges on receiving regulatory approvals. Raymarine shares are listed on the London Stock Exchange.

 

[Sully]

Thanks for the post
This should be interesting :roll:
I like Garmin
Hope it gels togather well

 

[B-Faithful]

FLIR ended up buying Raymarine

http://investors.flir.com/releasedetail ... eID=469938

 

[Sully]

Thats for the update !

 

[MaxOut]

Yes...FLIR is a great company and will do good things with Raymarine. Intigrated FLIR, Radar GPS, Sonar and Auto Pilot...will be interesting to see what's to come.

 

[seabob4]

Did 3 installs of this little girl...

on 3 Donzi 29ZFs we built for the Wisconsin DNR last year...and all were interfaced to Raymarine E120s for video display...at the time everybody thought Garmin was going to buy them...

Really cool at night!