Garmin Ltd. issued a brief statement this morning, saying it had not yet made an offer for a British company that makes electronic navigational equipment for boats.
On Monday, Raymarine Plc said it was in preliminary discussions with "a number of parties, including Garmin, which may or may not lead to a sale of the company."
Garmin responded Tuesday saying that "at this stage, there can be no certainty that an offer will be made nor as to the terms of which any offer might be made."
The Olathe-based company acknowledged, however, that "any offer it might make for the shares of Raymarine is likely to be solely in cash."
Garmin recently reported that at the end of its latest quarter it had more than $1.5 billion in cash and marketable securities, including $246 million in free cash flow generated in the just-completed quarter.
Navigational equipment for the marine industry is one of Garmin's major divisions.
Raymarine primiarly supplies electronic products to the leisure boating market. Its products include radar, chart plotters and auto pilots.
It generates about $130 million in sales annually. Raymarine also acknowledged Monday it was pursuing various options to raise capital. Its shares have lost about 40 of their value this year.
Shares in Garmin closed Tuesday at $29.04, up $1.09.
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