Bidder pulls back from Raymarine negotiations

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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."

UPDATE: Click here for updated news on the Raymarine proceedings.

"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.

Click here for the full release.

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