Garmin Ltd. issued a statement in response to reports that it was in early discussions with Raymarine to purchase the U.K.-based company.
"In accordance with Rule 2.10 of the City Code on Takeovers and Mergers ... Garmin announces that any offer it might make for the shares of Raymarine is likely to be solely in cash," Garmin said in its statement.
"Garmin notes that, at this stage, there can be no certainty that an offer will be made nor as to the terms on which any offer might be made. This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Code."
Raymarine makes electronic navigation, communication and safety equipment for the marine market. Garmin makes GPS navigation, communication and sonar products for the marine market as well as the automotive, aviation, fitness and outdoor recreation markets.