Lowrance Sale Done - Subsidiary of Simrad
Simrad Yachting AS and Lowrance Electronics, Inc. (formerly Nasdaq: LEIX) announced today that Navico Acquisition Corp., Simrad Yachting's wholly owned subsidiary, has merged into Lowrance and, as a result, Lowrance has become a direct wholly owned subsidiary of Simrad Yachting. The merger follows a tender offer by Navico for all of the outstanding shares of Lowrance common stock at a price of $37.00 per share, net to the seller in cash without interest. As a result of the offer, Simrad Yachting, through Navico, acquired approximately 95.6% of Lowrance's outstanding common stock.
Yesterday, Navico acquired all of the remaining outstanding shares of Lowrance common stock by means of a short-form merger under Delaware law. Each share of Lowrance's outstanding common stock was cancelled and (except for shares held by Simrad Yachting, Navico or shareholders properly exercising dissenters' rights) was converted into the right to receive $37.00 per share, net to the seller in cash without interest.
At the close of business yesterday, Lowrance's common stock ceased to be quoted for trading on the Nasdaq National Market. Detailed instructions will be mailed to former Lowrance stockholders who did not tender their shares into the offer outlining the steps to be taken to obtain the merger consideration or exercise dissenters' appraisal rights under Delaware law.
Lowrance is one of the world's largest providers of marine electronics to leisure boats and has a particularly strong presence in the fish finders and GPS navigation systems segments of the market. In addition to marine electronic products, Lowrance has produced for over 10 years hand held GPS mapping products for campers and hikers as well as GPS navigation systems for the automotive and aviation markets.
Simrad Yachting is a leading provider of marine electronics to high-end leisure boats and smaller commercial vessels.
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Posted by Scott Martin at March 14, 2006 8:36 PM