A fresh wave may be forming in the marine retail sector as Donerail to acquire MarineMax emerges as the headline in a proposed $1.1 billion takeover bid.
Investor and adviser The Donerail Group, guided by Olshan Frome Wolosky LLP, confirmed Tuesday that it has submitted a nonbinding proposal to purchase boat and yacht retailer MarineMax. The target company is represented by Sidley Austin LLP.
Under the indicative offer, Donerail said it is prepared to buy all outstanding shares of MarineMax for $35 per share in cash. The proposal represents a 38% premium to the company’s 60-day volume-weighted average stock price, according to a statement.
Premium Pitch to Shareholders
Donerail, already one of MarineMax’s largest shareholders with more than 4% of its outstanding shares, described the offer as a path to immediate and certain value.
“Our all-cash proposal to acquire MarineMax for $35.00 per share delivers immediate and certain value to MarineMax shareholders at a meaningful premium,” managing partner William Wyatt said. He added that the transaction would give investors a compelling opportunity to unlock the full value of their holdings in a single step.
Wyatt said Donerail’s team has extensive familiarity with both MarineMax and the broader marine industry, and stands ready to move quickly into confirmatory due diligence.
