Bidder pulls back from Raymarine negotiationsPosted on
Raymarine announced that the “third party” it was in negotiations with to purchase the company has said it is “no longer willing to proceed with that transaction.”
“It has, however, informed Raymarine’s banking syndicate that if Raymarine were to enter into administration it would be willing to enter into a transaction with the administrator to acquire Raymarine Holdings Limited for a consideration that is likely to equate to approximately 17.5 pence (25 cents) per Raymarine share … in addition to providing for the repayment of the Raymarine group’s banking facilities,” Raymarine said in a statement.
Also, this third party has said that any acquisition of Raymarine Holdings Limited would need to be completed today, Raymarine said.
“The board is in urgent discussions with its banks to seek to resolve the situation,” Raymarine said. “A further announcement will be made in due course.”
Last month, Raymarine urged its shareholders to “take no action” regarding Garmin’s offer to buy the company.
Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!
Basic subscription: Registered members get free access to 10 premium content stories each month!
Individual subscription: $29 for unlimited site access for one year.
Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.
Corporate subscription: $300 for unlimited site access for all members of a company for one year.
You may close this dialog after seconds.