LONDON (Reuters) - U.S. mobile navigation device company Garmin Ltd (GRMN.O) is the mystery bidder behind a takeover approach for Britain's Raymarine Plc (RAY.L), the Sunday Telegraph reported, citing sources close to the deal.

Garmin's approach could be worth as much as 200 million pounds ($389 million), it said.

Raymarine, which makes navigation equipment for the marine market, said last month it had received an approach from an unnamed party, sending its shares rocketing.

The UK company makes a range of nautical devices including satellite navigation for boats, autopilots, satellite radio and radar systems. It is seen as an attractive target for larger players as the market for satellite and mobile navigational devices consolidates.

A number of private equity companies are also thought to be eyeing Raymarine, the Sunday Telegraph said.

Officials at Raymarine were not immediately available to comment.

(Reporting by Ben Hirschler; Editing by Jason Neely)