Raymarine executives announced the company is entering into "exclusive discussions" with a single party over a possible sale, but is no longer in talks with Garmin.
"It is envisaged that the proposed transaction will be structured by means of a sale of Raymarine Holdings Limited, a wholly-owned subsidiary of Raymarine, and that, subject to certain limitations, the whole of Raymarine's bank debt will be repaid on closing," the company said in a statement. "Raymarine's other creditors (including employees and suppliers) will continue to be paid in the normal course.
"It is not anticipated that there will be any value remaining for ordinary shareholders," the company said.
Raymarine said a further announcement could be expected in the future.