HZO News & Events

MarineMax confirmed that it has received an unsolicited, non-binding indication of interest from The Donerail Group to acquire all of the company's outstanding common shares for $35.00 per share in cash. MarineMax's Board of Directors remains focused on creating value for shareholders and other stakeholders. Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Board will carefully review and evaluate the indication of interest and determine the course of action the Board believes is in the best interests of MarineMax and its shareholders and other stakeholders. There is no action for MarineMax shareholders to take at this time.

The Donerail Group has submitted a non-binding indicative proposal to acquire 100% of MarineMax for $35.00 per share in cash. The proposal implies a total transaction value of approximately $1.1B excluding floor plan financing, and represents a 38% premium over MarineMax's 60-day volume-weighted average price of $25.45. Donerail is currently one of the Company's largest shareholders, beneficially owning more than 4% of the Company's outstanding shares, and has secured highly confident equity and debt support letters from leading global alternative investment firms, subject to confirmatory due diligence, to finance the acquisition of all remaining equity and refinance the Company's existing indebtedness, excluding floor plan financing. Any definitive agreement is expected not to be subject to financing conditions.

Several months after Donerail Group pressed MarineMax to make sweeping changes, the investment group has offered to buy the company for $35 per share in an all-cash deal that would value the superyacht service company at just over $1B, three sources familiar with the matter told Reuters' Svea Herbst-Bayliss. The bid comes several months after the investment group pressured the company to make major changes ranging from selling itself to replacing its CEO, the author noted. Shares of MarineMax are up 8.3% after the news, while shares of rival OneWater Marine (ONEW) are up about 3%.

OneWater Marine (ONEW) is up 2% after Reuters said rival MarineMax (HZO) has received a takeover bid.