Garmin makes 15p per share bid for Raymarine

Shares in Portsmouth-based Raymarine jump 130% on the news of takeover offer

Raymarine shares jumped almost 130% today to 14p after rival Garmin revealed it had made a 15p per share offer for the firm.

The Garmin offer values Raymarine, the Portsmouth-based manufacturer of marine electronics, at £12.5m.

Raymarine, which is struggling under a debt burden of roughly £90m, has attracted numerous buyout offers of late, but this new offer is by far and away the most valuable.

The two firms had previously been in takeover talks towards the end of last year, but they came to nothing. Garmin returned to the table with this offer on 1 April, it was revealed this afternoon.

The offer is now subject to regulatory and shareholder approval, but Garmin said it was confident it would obtain all necessary approvals.