Hatteras Buy Out of Genmar?

Genmar consider management buy-out of Hatteras

Genmar Holdings, the world’s biggest builder of leisure boats, has announced that it is considering a buy-out offer from Hatteras management. Chairman of Genmar, Irwin Jacobs, is a major shareholder in the company which is a premium US builder of sports-fishers from 50-70ft and motoryachts from 63-100ft.

The company said that the fiscal year ending June 30, 2001 had been the most profitable year for Hatteras in the past 10, and that the management team has “renewed confidence” in its long-term future. It also said that, because of the “minimal synergies” between yacht builder Hatteras and Genmar, it has agreed to consider a buyout offer by Hatteras management.

“Both Genmar and Hatteras senior management believe the independent capitalisation of Hatteras will provide Hatteras enhanced capability to further achieve its market growth potential,” said Irwin Jacobs.