Garmin (GRMN) Unlikely to Buy Another Company In Response to The Navteq Deal, Says Soliel Securities
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There has been some recent speculation that Garmin (Nasdaq: GRMN) would go out and buy another company, but Soliel Securities believes that is highly improbable because an all-cash offer would be highly dilutive to Garmin. Soliel Securities says, "...given GRMN's focus as a GPS system vendor with cost-discipline and a homegrown corporate culture, we would be surprised to see it forced into making an excessively large and expensive acquisition purely for defensive reasons."
Garmin is trading down 20% since last Friday.
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