The marine electronics company, Raymarine, faces administration as its third-party buyer changes the stakes
Raymarine’s latest buy-out bid has been thrown into turmoil after the announcement that the buyer has retracted its offer unless the company goes into administration, and that any deal must be decided today.
On 29 April it was announced that a third party had made a bid to buy Raymarine for 17.5p per share.
However, an announcement on today’s London’s Stock Exchange today said:
“[the] third party has now informed Raymarine that it is no longer willing to proceed with that transaction.
“It has, however, informed Raymarine’s banking syndicate that if Raymarine were to enter into administration it would be willing to enter into a transaction with the administrator to acquire Raymarine Holdings Limited for a consideration that is likely to equate to approximately 17.5 pence per Raymarine share (before the costs associated with an administration) in addition to providing for the repayment of the Raymarine group’s banking facilities.”
Raymarine share prices currently stand at around 13p per share. Garmin is expected to top the third-party offer.