The Donerail Group has offered to buy MarineMax in an all-cash deal that would value the company at just over $1 billion. Reuters reports that the $35-per-share offer reportedly came after the investment group pressured MarineMax to make several changes, including replacing the CEO. Reuters reports that Donerail, which owns nearly 5% of MarineMax, met with MarineMax management to discuss operational concerns. MarineMax made several changes, but Donerail remained unhappy. A press release from Donerail on March 3 stated: “Our all-cash proposal to acquire MarineMax for $35.00 per share delivers immediate and certain value to MarineMax shareholders at a meaningful premium,” said William Wyatt, managing partner of Donerail. “We believe this represents a compelling opportunity for MarineMax investors to realize the full value of their shares in a single transaction. We have deep familiarity with the Company and the marine industry, and we are prepared to move expeditiously to begin confirmatory due diligence.” MarineMax confirmed that it has received an “unsolicited, non-binding indication of interest from The Donerail Group,” according to a press release on Business Wire, which also included a statement: “MarineMax’s Board of Directors (the “Board”) remains focused on creating value for shareholders and other stakeholders. Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Board will carefully review and evaluate the indication of interest and determine the course of action the Board believes is in the best interests of MarineMax and its shareholders and other stakeholders.” Reuters also reports that additional parties are interested in acquiring portions of MarineMax, notably the marina business. MarineMax currently owns Fraser Yachts, Northrop & Johnson, IGY Marinas, and other entities, which together comprise about 65 marinas and 70 dealerships. Check out Triton's latest issue