TULSA, Okla. - Navico Acquisition Corp., the wholly owned subsidiary of Simrad Yachting AS, has merged into Lowrance Electronics, Inc., and, as a result, Lowrance has become a direct wholly owned subsidiary of Simrad Yachting, Lowrance reported in a release today.
Navico acquired all of the remaining outstanding shares of Lowrance common stock yesterday 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 Nasdaq. 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.
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