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Coachmen Industries Inc. warned investors today that its first quarter earnings will be below Wall Street expectations.

Stock market analysts, on average, estimated Coachmen would earn 30 cents a share during the first quarter. However, Coachmen revealed today that its first quarter earnings will amount to 25 to 26 cents a share.

Coachmen plans to issue its first quarter earnings on May 3.

Coachmen issued the earnings warning while, at the same time, announcing it rejected an unsolicited acquisition bid from Thor Industries Inc.

Thor is offering to pay Coachmen shareholders $18 a share in cash and Thor stock. Coachmen’s Board of Director rejected the bid as inadequate.