Cobra Electronics and Lowrance Electronics to Amend Offer Price

Cobra Extends Offer for Lowrance Electronics



Apr 25, 2001, 01:00 ET from Cobra Electronics Corporation

    CHICAGO, April 25 /PRNewswire/ -- Cobra Electronics Corporation
 (Nasdaq:   COBR) today announced that the boards of directors of both Cobra and
 Lowrance Electronics, Inc. (Nasdaq:   LEIX) have agreed in principle to the
 reduction of the offer price for Cobra's tender offer for all of the
 outstanding shares of common stock of Lowrance to $7.50 per share from the
 current offer price of $8.25 per share, subject to execution of an amended
 merger agreement reflecting the revised terms of the offer.
     Cobra and Lowrance have held discussions relating to the offer price in
 light of the recent shortfall in Lowrance's net sales relative to the
 projections previously provided to Cobra.  At the new offer price, the
 transaction would be valued at approximately $48.3 million, including the
 assumption of approximately $20 million in debt.  Stockholders owning
 approximately 54.2 percent of Lowrance's outstanding common stock, who
 previously agreed to tender their shares pursuant to the offer, have indicated
 that they will continue to support the revised transaction.
     In order to allow time to finalize an amended merger agreement, Cobra is
 extending the expiration date of its tender offer for all outstanding shares
 of common stock of Lowrance until midnight, New York City time, on Friday,
 May 4, 2001.  The tender offer had been scheduled to expire at midnight, New
 York City time, on Tuesday, April 24, 2001.
     After an amended merger agreement is executed, the offer will be amended
 to reflect the $7.50 per share offer price and revised offer materials
 reflecting the revised terms of the offer will be distributed to stockholders
 of Lowrance.  At that time, the expiration date of the offer will be further
 extended to allow Lowrance stockholders an opportunity to review the revised
 materials.
     American Stock Transfer and Trust Company, the depositary for the offer,
 has advised Cobra that as of April 24, 2001 approximately 3,665,524 shares of
 Lowrance common stock (approximately 97.26 percent of the outstanding shares
 of common stock) had been validly tendered and not withdrawn pursuant to the
 offer.  Cobra's obligation to purchase shares pursuant to the tender offer is
 subject to the satisfaction of certain conditions, including Cobra obtaining
 adequate financing.
 
     About Cobra Electronics
     Forbes named Cobra Electronics Corporation (Nasdaq:   COBR) to its list of
 "200 Best Small Companies in America" in 2000.  Cobra is a leading global
 manufacturer of two-way mobile communications products, holding the number one
 or strong number two position in every major market in which it does business.
 The Family Radio Service (FRS) business is one of the fastest growing segments
 of two-way mobile communications, and Cobra is a leading FRS player in the
 U.S., Canada and Europe.  Cobra has a 40-year track record of innovation and
 award-winning products, and leads the industry in developing technology
 applications that anticipate market demand.  To learn more about Cobra and its
 products, please visit the Cobra site at http://www.cobraelectronics.com .
 
     This release does not constitute an offer to purchase or a solicitation of
 an offer to sell any securities.  The complete terms and conditions of the
 tender offer are set forth in an offer to purchase and a related letter of
 transmittal, each as amended or supplemented from time to time, which are
 included in a Tender Offer Statement filed with the Securities and Exchange
 Commission.  The Tender Offer Statement, and any amendments to the Tender
 Offer Statement, are also available for free on the Commission's web site at
 http://www.sec.gov .
 
     For more information, contact:  Investor Contact, Michael Smith, Senior
 Vice President and Chief Financial Officer of Cobra Electronics Corporation,
 773-804-6281, msmith@cobraelec.com ; or Media Contact, Larry Larsen of
 Fleishman-Hillard, 312-751-3617, larsenl@fleishman.com .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X75877661
 
 

SOURCE Cobra Electronics Corporation
    CHICAGO, April 25 /PRNewswire/ -- Cobra Electronics Corporation
 (Nasdaq:   COBR) today announced that the boards of directors of both Cobra and
 Lowrance Electronics, Inc. (Nasdaq:   LEIX) have agreed in principle to the
 reduction of the offer price for Cobra's tender offer for all of the
 outstanding shares of common stock of Lowrance to $7.50 per share from the
 current offer price of $8.25 per share, subject to execution of an amended
 merger agreement reflecting the revised terms of the offer.
     Cobra and Lowrance have held discussions relating to the offer price in
 light of the recent shortfall in Lowrance's net sales relative to the
 projections previously provided to Cobra.  At the new offer price, the
 transaction would be valued at approximately $48.3 million, including the
 assumption of approximately $20 million in debt.  Stockholders owning
 approximately 54.2 percent of Lowrance's outstanding common stock, who
 previously agreed to tender their shares pursuant to the offer, have indicated
 that they will continue to support the revised transaction.
     In order to allow time to finalize an amended merger agreement, Cobra is
 extending the expiration date of its tender offer for all outstanding shares
 of common stock of Lowrance until midnight, New York City time, on Friday,
 May 4, 2001.  The tender offer had been scheduled to expire at midnight, New
 York City time, on Tuesday, April 24, 2001.
     After an amended merger agreement is executed, the offer will be amended
 to reflect the $7.50 per share offer price and revised offer materials
 reflecting the revised terms of the offer will be distributed to stockholders
 of Lowrance.  At that time, the expiration date of the offer will be further
 extended to allow Lowrance stockholders an opportunity to review the revised
 materials.
     American Stock Transfer and Trust Company, the depositary for the offer,
 has advised Cobra that as of April 24, 2001 approximately 3,665,524 shares of
 Lowrance common stock (approximately 97.26 percent of the outstanding shares
 of common stock) had been validly tendered and not withdrawn pursuant to the
 offer.  Cobra's obligation to purchase shares pursuant to the tender offer is
 subject to the satisfaction of certain conditions, including Cobra obtaining
 adequate financing.
 
     About Cobra Electronics
     Forbes named Cobra Electronics Corporation (Nasdaq:   COBR) to its list of
 "200 Best Small Companies in America" in 2000.  Cobra is a leading global
 manufacturer of two-way mobile communications products, holding the number one
 or strong number two position in every major market in which it does business.
 The Family Radio Service (FRS) business is one of the fastest growing segments
 of two-way mobile communications, and Cobra is a leading FRS player in the
 U.S., Canada and Europe.  Cobra has a 40-year track record of innovation and
 award-winning products, and leads the industry in developing technology
 applications that anticipate market demand.  To learn more about Cobra and its
 products, please visit the Cobra site at http://www.cobraelectronics.com .
 
     This release does not constitute an offer to purchase or a solicitation of
 an offer to sell any securities.  The complete terms and conditions of the
 tender offer are set forth in an offer to purchase and a related letter of
 transmittal, each as amended or supplemented from time to time, which are
 included in a Tender Offer Statement filed with the Securities and Exchange
 Commission.  The Tender Offer Statement, and any amendments to the Tender
 Offer Statement, are also available for free on the Commission's web site at
 http://www.sec.gov .
 
     For more information, contact:  Investor Contact, Michael Smith, Senior
 Vice President and Chief Financial Officer of Cobra Electronics Corporation,
 773-804-6281, msmith@cobraelec.com ; or Media Contact, Larry Larsen of
 Fleishman-Hillard, 312-751-3617, larsenl@fleishman.com .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X75877661
 
 SOURCE  Cobra Electronics Corporation