Levin Capital, a major shareholder in MarineMax, called on the company’s board of directors to “initiate an immediate review of strategic alternatives following its prior failures to capitalize on credible acquisition offers.” The call is in response to a buyout offer for MarineMax from Donerail Group earlier this year.
A release from an advisory firm for Levin states, “Levin Capital believes the board is obligated to rigorously explore all available paths to maximizing shareholder value, including by engaging with [Donerail Group] following its recent submission of an all-cash offer.”
The release also states that “according to public disclosures, the $35 per share all-cash offer from Donerail is fully financed and represents a viable path forward, subject to customary due diligence. Levin Capital has consistently advocated for a value-maximization process at MarineMax, pre-dating the current interest.”
Further delay on the part of the MarineMax board, Levin said, will force shareholders to hold directors accountable at future annual meetings.
Levin Capital Strategies is a multi-strategy equity management investment firm founded in 2005 by John A. Levin and based in New York.
