Raymarine’s share prices have jumped massively over the last two days thanks to a buy-out bid from Garmin announced yesterday and a second bid today by an undisclosed third party
Raymarine’s share prices have jumped an incredible 167% over the last two days from 6p to 16p a share following a buy-out bid from Garmin.
Yesterday it was revealed that Garmin had made a bid of 15p a share to buy the debt-ridden company and today an announcement on the London Stock Exchange revealed that Raymarine was in advanced talks with a third party over an offer of 17.5p per share.
There have been rumours circulating over Garmin’s plans to buy Raymarine for the last two years and the two firms were in talks over a takeover bid at the end of last year but no agreement was reached.
Raymarine, which is estimated to be in the region of £90m of debt, would not confirm if this latest offer was also from Garmin. The statement on the London Stock Exchange said only:
“The Board of Raymarine can confirm that it remains in advanced discussions with a third party regarding a sale of Raymarine Holdings Limited, representing the entire business operations of Raymarine and its subsidiary undertakings.
“It is currently envisaged that, were this transaction to be completed, approximately 17.5 pence per share would be available for return to Raymarine shareholders.”
