Overview
- MarineMax confirmed receipt of the unsolicited, non-binding $35 per share cash indication and said its board will evaluate the approach with independent advisers.
- Donerail said the proposal values MarineMax at about $1.1 billion excluding floor-plan financing and reflects a 38% premium to the 60-day volume-weighted average price.
- The investor reported highly confident equity and debt support letters and expects no financing condition, with any deal contingent on confirmatory due diligence and internal approvals.
- MarineMax engaged Wells Fargo as financial advisor and Sidley Austin as counsel, while Donerail retained Jefferies and Olshan Frome Wolosky.
- Other parties have signaled interest in all or parts of the company, particularly the marina assets, as shareholders head toward a March 3 annual meeting.