MarineMax surges on reported buyout by OneWater Marine
03/06/2024 13:59
** Shares of MarineMax HZO.N up 20.3% premarket to $34.25,
highest since late Jan, after report recreational boat retailer
in talks to be acquired by rival OneWater Marine ONEW.O
** ONEW made all-cash offer of $40/sh for HZO following
months of private discussions, Bloomberg reported late Sunday,
citing people with knowledge of the matter
** Bid price represents 40.4% premium to HZO's last close on
Friday
** Combined co would be valued at about $2.5 bln, including
debt, according to Bloomberg
** HZO's shares down ~27% YTD and have $635 mln market cap
through Friday, per LSEG data
** Shares of ONEW have lost ~24% YTD for market value of
$414 mln
** Early Monday, ONEW says "as a matter of policy, we do not
comment on market rumors or speculation," in statement
responding to inquiries regarding recent news reports
** "OneWater is a highly disciplined and seasoned acquiror
within the fragmented boating industry. Since 2014, we have
successfully executed more than 30 acquisitions that have
contributed to increased shareholder value," it said
** Before the bell, ONEW shares off 5.2% at $24.49
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))