Raymarine confirmed today it remains in "advanced discussions" with a third party regarding the sale of the company, and urged its shareholders to "take no action" regarding Garmin's offer.
Garmin announced Wednesday that it made a cash offer of 15 pence (23 cents) per share to acquire Raymarine plc. The transaction remains subject to shareholder acceptance and regulatory approval, but Garmin said it expects to obtain the necessary merger control approvals.
Raymarine said that approximately 17.5 pence (27 cents) per share would be available for return to Raymarine shareholders if the sale with the unidentified third party goes through.
Raymarine has previously announced several approaches from other companies, but Ted Gartner, Garmin director of corporate communications, said Garmin's is the first formal public announcement and the only offer on the table to purchase both Raymarine plc and its holding company, Raymarine Holdings Ltd.