Lowrance Electronics will become a wholly owned subsidiary of Simrad Yachting, the company announced today.
Simrad Yachting AS and Lowrance Electronics announced that the tender offer, conducted through Simrad's wholly owned subsidiary Navico Acquisition Group for all outstanding shares of Lowrance common stock, expired as of midnight (EST) Wednesday.
As a result of the offer, Simrad Yachting, through Navico, now owns about 95.6 percent of Lowrance's outstanding common stock.
Navico will acquire the remaining outstanding shares and merge into Lowrance. Lowrance then becomes a wholly owned subsidiary of Simrad Yachting.
Each share of Lowrance's outstanding common stock will be cancelled and converted into the right to receive $37 per share, net to the seller in cash without interest.
Lowrance, headquartered in Tulsa, Okla., manufactures marine electronics for leisure boats, with a particularly strong presence in the fishfinders and GPS navigation systems segment.
Simrad Yachting is a leading provider of marine electronics to high-end leisure boats and smaller commercial vessels.