UK's Raymarine gets approach from US' Garmin-paper

LONDON Aug 16 (Reuters) - Raymarine RAY.L, the British maker of electronic equipment for boats, has received a takeover approach from Garmin (GRMN.O), the No. 1 U.S. navigation device maker, The Sunday Times reported, without citing sources. The newspaper did not put a value on the approach but said Raymarine was being advised by Hawkpoint.

A spokesman for Raymarine declined to comment.

The firm said last month it was seeking equity fundraising or a sale of the business after posting a 24 percent fall in first-half sales. [ID:nBNG488392]

Shares in Raymarine closed on Friday at 12.5 pence, valuing the business at 10.4 million pounds ($17.20 million). ($1=.6045 Pound) (Reporting by James Davey; Editing by Jon Loades-Carter)