Genmar Industries Inc. will absorb Minstar Inc....

Genmar Industries Inc. will absorb Minstar Inc. in a revised transaction valued at about $540 million to Minstar shareholders. Financier Irwin Jacobs, the chairman of both Minneapolis companies, banker Carl Pohlad and Pohlad’s three sons would receive more than $222 million in Genmar stock, cash and notes. Jacobs said that $430 million in debt issued to finance the transaction would be retired with proceeds from the sale of Minstar’s energy and sports products group. The company also manufactures boats. The deal is subject to approval by the shareholders of both firms.