Thursday, November 11, 2004

Travis Boats & Motors, Inc. to Be Acquired By TMRC, LLP

November 10th, 2004 05:31:00 PM
Travis Boats & Motors, Inc. to Be Acquired By TMRC, LLP AUSTIN, Texas, Nov. 10 /PRNewswire-FirstCall/ -- Travis Boats & Motors, Inc. (Nasdaq: TRVS) today announced that it has entered into a merger agreement to be acquired by Tracker Marine, LLC, a Springfield, Missouri based manufacturer of pleasure boats, through the merger of its subsidiary, TMRC, LLP into Travis.

Under the terms of the merger agreement, which was approved by Travis' Board of Directors based on the unanimous recommendation of a Special Committee of the Board comprised solely of independent directors, Travis will be acquired by Tracker, in a one-step merger transaction, for $0.40 per share of common stock, in cash. In making its recommendation, the Special Committee relied upon, among other things, the opinion of Davenport & Company, LLC, the Special Committee's independent financial advisor, that the consideration to be received by the public shareholders of Travis in the contemplated merger is fair from a financial point of view.

Upon consummation of the merger, which is expected to occur during January 2005, Travis, as the surviving corporation, will become a wholly-owned subsidiary of Tracker and its common stock will no longer be publicly traded.


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