Simrad extends offering period
TULSA, Okla. – Simrad Yachting AS and Lowrance Electronics, Inc., have agreed to extend the expiration date for the subsequent offering period to the tender offer by Simrad Yachting’s wholly owned subsidiary, Navico Acquisition Corp., to purchase all of the outstanding publicly held shares of Lowrance.
The deadline for Navico Acquisition Corp., to purchase the outstanding publicly held shares of Lowrance has been extended to Wednesday at midnight EST, unless extended further, Lowrance reported in a release yesterday.
According to the depositary for the offer, as of 5:00 p.m. (EST) time on March 3, a total of 4,425,873 shares of common stock of Lowrance have been validly tendered in the offer and the subsequent offering period to date, including 47,088 shares subject to guaranteed delivery. As a result of the tender offer, Simrad Yachting, through Navico, now owns approximately 86.2 percent of the outstanding shares of Lowrance common stock.
During the subsequent offering period, holders of shares of Lowrance common stock that were not previously tendered into the offer may do so and Navico will promptly purchase any shares so tendered at $37.00 per share, net to the seller in cash without interest on the same terms that applied prior to the initial expiration of the offer. No shares tendered in the tender offer may be withdrawn during the subsequent offering period.
Simrad Yachting and Navico reserve the right to extend the subsequent offering period in accordance with applicable law.
After expiration of the subsequent offering period, Navico will acquire all of the remaining outstanding shares of Lowrance common stock by means of a merger under Delaware law. In this merger, Navico will merge with and into Lowrance and Lowrance will become a wholly owned subsidiary of Simrad Yachting. Each share of Lowrance’s outstanding common stock will be cancelled and (except for shares held by Simrad Yachting, Navico or shareholders properly exercising dissenters’ rights) will be converted into the right to receive $37.00 per share, net to the seller in cash without interest. Lowrance’s common stock will cease to be quoted for trading on the Nasdaq National Market.
Simrad Yachting has engaged Mellon Investor Services LLC as depositary in connection with the tender offer. Questions and requests for documentation in connection with the tender offer may be directed to Morrow & Co., Inc., the information agent for the tender offer, at 800-607-0088.
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