Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Winnebago Says It Lacks Data About North Street Offer

May 18 (Bloomberg) -- Winnebago Industries Inc., 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 Winnebago’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 rose 1.8 percent to $8.66 at the close in New York. 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.

To contact the reporter on this story: Craig Trudell in Southfield, Michigan at ctrudell1@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.