MarineMax yesterday morning responded to Donerail Group’s latest public letter to shareholders, in which it reiterated its all-cash, $35-per-share offer to buy the retailer. Shareholder Levin Capital last week also pushed for MarineMax to consider the offer. Donerail Group’s letter also stated that it would vote against reelecting CEO Brett McGill to the board of directors and urged other shareholders to follow suit.
“On Feb. 9, 2026, we issued a letter reiterating our desire to acquire [MarineMax] at an all-cash price of $35 per share, representing a significant premium to [the company’s] unaffected trading levels,” Donerail Group said in the letter. “In that letter, we also urged shareholders to carefully assess the company’s historical performance, governance and strategic direction, and we announced our intention to vote against the reelection of chief executive officer Brett McGill to the company’s board of directors at the MarineMax annual meeting scheduled for March 3, 2026, and urged other shareholders to do the same.”
Additionally, Donerail Group accused MarineMax of being unresponsive, stating in the letter: “We are disappointed that, despite submitting our initial proposal nearly six weeks ago on Jan. 13, 2026, alongside a more detailed proposal on Feb. 1, 2026, providing clear evidence of financing capability from leading global investment partners, the [MarineMax] board has not provided any meaningful feedback on our proposal, does not appear to have established a bona fide process to evaluate our proposal, nor has it provided access to customary confidential information necessary to finalize a fully binding proposal.”
MarineMax in a Feb. 24 statement denied the allegations: “Following receipt of the Indication of Interest, the company promptly responded to Donerail with customary diligence questions aimed at facilitating the board’s evaluation of Donerail’s interest, funding sources and execution certainty. The company and its advisors have had three substantive calls with Donerail and its representatives.”
The statement added: “The company also provided Donerail with a standard non-disclosure agreement nearly two weeks ago to facilitate further engagement. However, while Donerail has publicly expressed its desire to receive non-public information about our business twice (and criticized the company for not yet providing such information), Donerail has not yet executed — or even provided comments on — this simple, customary agreement.”
Trade Only Today will continue to report on developments to this story.
