Genmar drops IPO plans for VEC technology talks

Article Abstract:

Genmar Holdings Inc has withdrawn its registration statement for an initial public offering with the Securities and Exchange Commission due to a huge deal that it is negotiating for its Virtual Engineered Composites (VEC) technology. Genmar Chmn Irwin Jacobs announced that the interest in the firm's VEC technology has expanded from a single company to several international and domestic businesses. VEC applications have also expanded beyond the applications that Genmar is using it for in the marine industry.

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Genmar begins IPO process

Article Abstract:

Genmar Holdings Inc intends to raise $100 million in an initial public offering (IPO). The IPO, which was announced in mid-Aug 1999, is linked with plans to spinoff the company's Hatteras Yachts unit to a group composed of its major investors. Genmar, which reported fiscal 1999 revenues of over $700 million in its Securities and Exchange Commission filing, will use the proceeds of the IPO and the spinoff to build new boatbuilding facilities.

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Genmar target is $85M at $11 to $13 per share

Article Abstract:

Minneapolis-based Genmar Holdings Inc has announced a tentative date for an initial public offering (IPO) of common stock for the week of Oct 18, 1999. The second-largest boat manufacturer in the US hopes to net $71.5 million to $84.5 million by selling 6.5 million shares of common stock at a price range of $11 to $13 per share. The IPO is part of a plan to spin off Genmar's Hatteras Yachts operation to its key shareholders which is expected to generate $20 million.

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