waybomb
05-20-2008, 06:31 PM
LONDON – Raymarine, the London-listed marine electrical products supplier, is thought to have attracted a takeover approach from U.S.-based navigation device company Garmin in a deal that could be worth as much as $394 million, London’s Telegraph reported in an article (http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/18/cnray118.xml) Sunday.
A number of private equity companies are also thought to be eyeing Raymarine, according to the newspaper.
The interest in Raymarine, whose annual meeting is being held on Friday, comes at a time of intense consolidation in the burgeoning market for satellite and mobile navigational technology.
Last month, Raymarine, which makes radar and autopilot systems for yachts, received a preliminary approach from an unnamed party about a potential takeover offer. Garmin is known to be looking out for acquisitions. Last year, it narrowly missed out on a bid for mapmaker Tele Atlas.
A number of private equity companies are also thought to be eyeing Raymarine, according to the newspaper.
The interest in Raymarine, whose annual meeting is being held on Friday, comes at a time of intense consolidation in the burgeoning market for satellite and mobile navigational technology.
Last month, Raymarine, which makes radar and autopilot systems for yachts, received a preliminary approach from an unnamed party about a potential takeover offer. Garmin is known to be looking out for acquisitions. Last year, it narrowly missed out on a bid for mapmaker Tele Atlas.