UPDATE 4-FLIR buys UK’s Raymarine for $180 mln including debt

* FLIR buys marine navigator as it enters administration

* Higher Garmin offer rejected

* Shares reverse earlier losses, up 29 pct before being

(Recasts with FLIR sale)

LONDON, May 14 (BestGrowthStock) – U.S. thermal imaging firm FLIR
Systems Inc (FLIR.O: ) bought Raymarine (RAY.L: ), the UK maker of
marine radar systems, out of administration in a deal worth $180
million, beating off competition from navigation systems maker
Garmin (GRMN.O: ).

FLIR said the deal was worth $180 million, including
repaying all of Raymarine’s debt. It equates to about 20 pence a
share, or $24 million, for Raymarine Plc, FLIR said.

The sale to FLIR was announced on Friday after the market
close. Garmin earlier on Friday offered to pay about 35 pence
per share for Raymarine, trumping its own previous bid of 15
pence per share.

But a source close to Raymarine, which makes marine radar
and GPS systems for boats, said the administrators had chosen
the FLIR offer as it was immediately deliverable.

Garmin had said its proposal was conditional on the receipt
of anti-trust approvals.

“The sale of the business follows a thorough M&A process by
the company and a series of discussions with various interested
parties. The administrators concluded that the sale to FLIR
provided the best available outcome for employees, shareholders
and creditors,” said Raymarine in a statement.

FLIR, which makes thermal cameras for medical, border
patrol, search and rescue and other uses, called the buy
“strategically compelling”.

Raymarine had said in a earlier statement on Friday
afternoon that its banking syndicate was placing it into
administration, as it was unable to repay its outstanding loans.

Raymarine shares, which touched a market low of 9 pence
earlier in the session, spiked up to as much as 20 pence after
the Garmin announcement, before being suspended.

Stock Market Basics

($1=.6848 Pound)

(Reporting by Aditi Samajpati in Bangalore and Rosalba
O’Brien and Paul Sandle in London; Editing by Kavita Chandran
and Quentin Webb)

UPDATE 4-FLIR buys UK’s Raymarine for $180 mln including debt