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February 23, 2006

Antitrust Waiting Periods Expire On Simrad Deal

The proposed merger between Lowrance Electronics and Simrad Yachting has satisfied U.S. and foreign antitrust agreements.

The proposed merger between Lowrance Electronics and Simrad Yachting has satisfied U.S. and foreign antitrust agreements.

The waiting periods under Norwegian, U.S. and German antitrust laws have expired, which means the antitrust approval condition to the tender offer has been satisfied, the companies said today.

The companies announced in January a merger agreement in which Navico Acquisition Corp., a division of the Norway-based Simrad, would acquire outstanding shares of Lowrance for a cash tender of $37 per share.

A group of investors last month filed suit in Oklahoma state court to block the merger.

Lowrance, headquartered in Tulsa, Okla., makes marine electronics for pleasure boats, with a strong presence in fish finders and GPS navigation systems.

Simrad makes marine electronics for high-end pleasure boats and small commercial vessels.