Winnebago Industries Inc. (WGO), the biggest U.S. maker of motor homes, said it hasn’t received “sufficient information” from North Street Capital LP about the firm’s $321 million takeover bid.
Winnebago received Greenwich, Connecticut-based North Street’s letter offering to acquire Winnebago for $11 a share in cash, according to a company statement. The Forest City, Iowa- based company said its management “has not received sufficient information to deem the offer as credible.”
North Street previously bid $10.25 a share for Winnebago, according to the letter sent to Chief Executive Officer Randy Potts. The $11-a-share bid is 29 percent higher than Winnegago’s closing price of $8.51 yesterday.
“The board of directors of the company will review any additional information relating to the North Street letter and respond in due course,” Winnebago said today in the statement.
Winnebago climbed 9.3 percent to $9.30 at 11:16 a.m. New York time and surged as much as 18 percent. The company reported a net loss of $912,000, or 3 cents a share, for the fiscal second quarter ended Feb. 25, according to a March 15 statement on its website.
Sales rose 23 percent to $131.6 million. The results reflected “increased discounts and continued aggressive pricing strategies,” according to the statement.
“We’re doing this as friendly as possible,” Alex Mascioli, managing partner of North Street, said in a telephone interview before Winnebago issued its statement. He declined, in a separate interview, to identify what firms were underwriting North Street’s bid. The underwriters will be named later today and have been disclosed to Winnebago’s board, he said.
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