MarineMax surges on reported takeover by OneWater Marine; OneWater's stock rallies

OneWater Marine

03/06/2024 19:28

(Updates stock activity, headline)
    ** Shares of MarineMax  HZO.N  surge 26.4% to $36 on Mon,
highest since Jan 10, on report recreational boat retailer in
talks to be acquired by rival OneWater Marine  ONEW.O 
    ** ONEW's stock up 14.1% at $29.49, highest since late Jan
    ** ONEW made all-cash offer of $40/sh for HZO following
months of private discussions, Bloomberg News reported on Sun,
citing people with knowledge of the matter
    ** ONEW's bid represents ~40% premium to HZO's last close
price of $28.48 on Fri
    ** Combined co would be valued at about $2.5 bln, including
debt, according to Bloomberg
    ** Through Fri, HZO's shares lost ~27% YTD for $635 mln
market cap, per LSEG data
    ** Shares of ONEW had shed ~24% in 2024 through Fri for
market value of $414 mln
    ** Early Monday, ONEW said in a statement it does not
comment on "market rumors or speculation" 
    ** "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," co said

 (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))