Garmin says any Raymarine bid will be in cash


* Says no certainty an offer will be made

* Raymarine shrs continue rally; up as much as 21 pct (Adds details)

Aug 18 (Reuters) - U.S. navigation device maker Garmin Ltd (GRMN.O:
Quote, Profile, Research, Stock Buzz) said any takeover offer it might
make for Britain's Raymarine Plc (RAY.L: Quote, Profile, Research, Stock
Buzz) was likely to be in cash.

Raymarine shares continued Monday's rally and rose as much as 21 percent
to 20 pence.

Raymarine, which makes fishfinders, autopilots, marine radar and GPS
systems for leisure boats, on Monday confirmed that it was in early
talks with a number of parties, including Garmin. [ID:nBNG448245]

However, Garmin said on Tuesday in a statement that there was no
certainty an offer would be made.

Debt-laden Raymarine has been struggling to stay afloat and in March
said it was looking to either sell itself or raise equity, after posting
a 24 percent fall in first-half sales. [ID:nBNG488392].

Raymarine's shares, which closed up 29.41 percent on Monday, rose as
much as 21 pence earlier in the day. They were up 9 percent at 18 pence
by 0820 GMT on Tuesday on the London Stock Exchange.

Garmin's shares closed down 3 percent at $27.95 Monday on Nasdaq.
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Unnikrishnan
Nair)