Summary
Garmin Ltd. announced on April 28, 2010, a significant strategic move with a cash offer to acquire the entire share capital of Raymarine plc, a UK-based company listed on the London Stock Exchange. This acquisition, valued at approximately £12.5 million, represents an enterprise value of £104.1 million, considering Raymarine's net debt. The offer is specifically for the United Kingdom market and excludes U.S. residents. The transaction is contingent upon receiving necessary merger control approvals.
Key Highlights
- 1Garmin Ltd. has made a cash offer to acquire Raymarine plc.
- 2The offer is for the entire share capital of Raymarine plc.
- 3The proposed acquisition price is approximately £12.5 million.
- 4This implies an enterprise value of £104.1 million for Raymarine plc.
- 5The acquisition is conditional on receiving merger control approvals.
- 6The offer is being made in the United Kingdom only and excludes U.S. residents.
- 7Garmin intends to fund the acquisition using existing cash reserves.