(Reuters) - U.S. navigation device maker Garmin Ltd (GRMN.O) said any takeover offer it might make for Britain’s Raymarine Plc RAY.L was likely to be in cash.
Raymarine shares continued Monday’s rally and rose as much as 21 percent to 20 pence.
Raymarine, which makes fishfinders, autopilots, marine radar and GPS systems for leisure boats, on Monday confirmed that it was in early talks with a number of parties, including Garmin.
However, Garmin said on Tuesday in a statement that there was no certainty an offer would be made.
Debt-laden Raymarine has been struggling to stay afloat and in March said it was looking to either sell itself or raise equity, after posting a 24 percent fall in first-half sales.
Raymarine’s shares, which closed up 29.41 percent on Monday, rose as much as 21 pence earlier in the day. They were up 9 percent at 18 pence by 0820 GMT on Tuesday on the London Stock Exchange.
Garmin’s shares closed down 3 percent at $27.95 Monday on Nasdaq.
Reporting by Purwa Naveen Raman in Bangalore; Editing by Unnikrishnan Nair