Donerail Issues Additional Open Letter to MarineMax Shareholders

Core Viewpoint - The Donerail Group expresses disappointment over MarineMax's lack of engagement regarding a cash acquisition proposal of $35 per share and urges shareholders to vote against CEO Brett McGill at the upcoming annual meeting as a call for a strategic review of the company [1][6][8]. Group 1: Acquisition Proposal - Donerail has proposed an all-cash acquisition of MarineMax at $35 per share, which represents a significant premium over the company's unaffected trading levels [3]. - The proposal was initially submitted on January 13, 2026, with a follow-up detailed proposal on February 1, 2026, but the MarineMax Board has not provided meaningful feedback or established a process to evaluate the proposal [4]. - Donerail remains prepared to finalize the proposal upon receiving access to necessary confidential information for due diligence, indicating a potential willingness to increase the offer price [5]. Group 2: Shareholder Engagement - There has been substantial engagement from shareholders and financial institutions expressing concerns about MarineMax's performance and governance, reinforcing the belief that the company's intrinsic value is not reflected in its current share price [6]. - The California State Teachers' Retirement System (CalSTRS) has voted against the re-election of CEO Brett McGill and other director nominees, signaling a growing recognition among institutional investors for the need for change at MarineMax [7]. - Levin Capital Strategies has also called for an immediate strategic review following Donerail's acquisition proposal, citing past failures of MarineMax leadership to capitalize on credible offers [7]. Group 3: Call to Action - Donerail urges shareholders to vote against CEO Brett McGill at the upcoming annual meeting to signal dissatisfaction with the current Board's approach and to advocate for better representation of shareholder interests [8]. - The increasing number of institutional investors voicing concerns highlights the urgent need for decisive action to ensure that shareholder interests are prioritized [8].