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Cobra Electronics Corp. Message Board

  • trader00002 trader00002 Jan 30, 2006 9:46 AM Flag

    another competitor eaten up

    Lowrance Electronics Inc., which makes global positioning systems, said Monday it agreed to be acquired by Simrad Yachting AS, which sells marine electronics to high-end leisure boats and small commercial vessels, for $37 per share in cash, or a total of about $215 million.

    The offer price represents a premium of 48 percent over Lowrance's Friday closing price of $25 per share on the Nasdaq. Its stock jumped $11.50, or 46 percent, to $36.50 before Monday's open, above a 52-week high of $32.65 from last February.

    Under terms of the agreement, Navico Acquisition Corp., a newly set up subsidiary of Simrad, will begin a cash tender offer for all of Lowrance's outstanding shares at $37 per share, followed by a second step merger at the same price.

3.250.00(0.00%)Apr 17 3:52 PMEDT

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