Coachmen Industries Inc. has successfully completed its $8.40 a share tender offer for Miller Building Systems Inc., an Elkhart-Ind.-based producer of modular building systems used by telecommunications companies and other customers.
As of midnight last night, the owners of almost 2.96 million shares of Miller stock had accepted the $8.40 a share offer. That means Coachmen will pay a little more than $25 million for Miller.
The tender offer also included an additional 30 cents a share to be paid at a later date, which would bring the total price to around $26 million.
The acquisition of Miller is expected to be completed on or around Oct. 31.
Coachmen already is the largest producer of modular housing and it is a major producer of towable RVs and motorhomes.
During the first half of this year, RVs accounted for 80% of Coachmen’s sales revenue with modular housing accounting for the remaining 20%.
During Coachmen’s annual shareholders meeting last May, Chairman Claire Skinner said she wants the company’s non-RV business to grow to the point where it equals, in terms of sales revenue, its RV business.
Skinner added that she wants Coachmen’s RV business to expand, but she wants its modular construction business to grow at a faster pace.