New offer made to buy Raymarine

Third party comes back to the table with a revised offer of 4p a share for the company and its assets

The travails of debt-ridden Raymarine could soon be over after the company revealed it had received another offer to acquire the business, bringing to three the total number of buyout approaches.

So far, offers of 3.6p, 4p and 7.2p a share have been made. Today Raymarine revealed the party offering 4p a share had withdrawn its offer but had come back to the table with an equivalent proposal to acquire the company and its assets.

“It is envisaged that, were this transaction to be completed, it would be structured by means of a sale of Raymarine Holdings Limited, a wholly owned subsidiary of Raymarine, and that the whole of Raymarine’s bank debt would be repaid in full on closing,” Raymarine said.

“Further, it is currently envisaged that, were this transaction to be completed, approximately 4.0p per share would be available for return to Raymarine shareholders. This party’s proposal would, under the Listing Rules, be deemed to be a Class 1 disposal and require approval by Raymarine’s shareholders at a general meeting.”

Raymarine had revealed earlier that the offer of 7.2p a share had been made by a “direct competitor” of the company, but warned that if shareholders were to accept it, the offer would likely get bogged down in a lengthy anti-trust approval process.