Antitrust periods expire in Lowrance/Simrad merger
TULSA, Okla. – All conditions related to U.S. and foreign antitrust approvals in the tender offer between Simrad Yachting AS and Lowrance Electronics, Inc., have now been satisfied, Lowrance reported in a release yesterday.
The waiting period under the Norwegian Competition Act applicable to Simrad Yachting’s pending acquisition of Lowrance expired most recently and the waiting periods under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and the German Act Against Restraints of Competition expired on Feb. 14.
Simrad Yachting and Lowrance announced on Jan. 30 that they had reached a definitive merger agreement pursuant to which Navico Acquisition Corp., a wholly owned subsidiary of Simrad Yachting, would acquire Lowrance by means of a cash tender offer at $37 per share and second step merger at the same price. In addition to the antitrust conditions, the tender offer is subject to a majority minimum tender condition and other customary conditions, but is not subject to any financing condition.
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