Garmin announced yesterday that it has 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 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.
"We believe our [offer] is far and away above what else is out there," Gartner told Soundings Trade Only.
Click here to read the full formal offer filed with the London Stock Exchange.