Investor and adviser The Donerail Group, led by Olshan Frome Wolosky LLP, on Tuesday confirmed it had submitted a nonbinding takeover proposal to acquire Sidley Austin LLP-advised boat and yacht retailer MarineMax for $1.1 billion.

Under the terms of the nonbinding, indicative proposal, The Donerail Group said it is willing to acquire all of MarineMax's outstanding shares for $35 apiece in cash, representing a 38% premium over the company's 60-day volume-weighted average share price, according to a statement.

The investor is already one of MarineMax's largest shareholders, owning more than 4% of its outstanding shares, the statement said.

MarineMax, which trades on the New York Stock Exchange, is a recreational boat and yacht retailer, marina operator, and superyacht services company. It has more than 120 locations around the world, including 70 dealerships and over 65 marina storage facilities, according to a separate Tuesday statement from MarineMax.

The Donerail Group said it has secured "highly confident" equity and debt support letters from alternative investment firms to fund the proposed acquisition and refinance its existing indebtedness, excluding floor plan financing.

"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 managing partner William Wyatt. "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 on Tuesday confirmed it had received The Donerail Group's takeover proposal and said it will review it.

"MarineMax's board of directors remains focused on creating value for shareholders and other stakeholders," the company said in its Tuesday statement. "Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisers, 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."

The Donerail Group noted there is no assurance that its proposal will result in a transaction and said it does not plan to provide further updates unless and until appropriate.

The Olshan team advising The Donerail Group was led by co-managing partner Andrew Freedman.

The Sidley team advising MarineMax was led by partners David Grubman and Adam Cromie.