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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject6/29/2001 9:18:00 AM
From: Jim Spitz  Read Replies (1) of 37746
 
Management offers to buy Hatteras Yachts from Genmar

Friday, June 29, 2001

Genmar Holdings Inc. said Thursday that it is considering an offer from the management of its Hatteras Yachts Inc. division to buy the company and will consider
competing offers.

Genmar Chairman Irwin Jacobs said the company has retained the investment banking firm Bear Stearns & Co. to evaluate the offer and ensure that Genmar has
considered all appropriate options.

Although Jacobs said the fiscal year ending June 30 will be the most profitable in a decade for Hatteras, based in North Carolina, that business is very different from
Genmar's businesses that make smaller boats.

"Hatteras remains the premiere yacht builder in the world and is well positioned to address the short-term challenges of the current marketplace," Jacobs said.

"Both Genmar and Hatteras senior management believe the independent capitalization of Hatteras will provide Hatteras enhanced capability to further achieve its
market growth and potential," he said.

Minneapolis-based Genmar, which has 14 manufacturing centers and 7,000 employees in the United States and Canada, is the world's largest builder of recreational boats.

-- Associated Press

© Copyright 2001 Star Tribune. All rights reserved.
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