Activist investor Donerail Group said on Tuesday it had submitted a non-binding indicative proposal to acquire MarineMax at $35 per share, in an all-cash deal that would value the superyacht service company at $1.1 billion.
Shares of MarineMax, which were up 2.2% before the bell, closed at $30 on Monday, valuing the company at roughly $661 million.
The offer follows months of pressure from Donerail urging MarineMax to explore a sale of the company and replace its CEO, as the marinas sector grows increasingly attractive to investors.
MarineMax did not immediately respond to a request for comment.
The recreational boat industry is highly fragmented in nature, with most retailers owning few stores, making the market open to consolidation.
MarineMax operates luxury marinas and yacht brokerage, as well as manufactures premium sport yachts and powerboats. It has over 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities.
Donerail is currently one of MarineMax’s largest shareholders, beneficially owning more than 4% of its outstanding shares, the investment group said.
Source: Reuters.com