Coachmen Industries Inc. Chairman Claire Skinner believes her management team was victorious Thursday, but a Thor Industries Inc. executive said the takeover situation will remain “status quo” at least until next week.
Although the counting of Coachmen shareholder votes was not finished Thursday, Skinner said the management-backed slate of directors was re-elected and a stock incentive plan for Coachmen executives was approved.
Thor, which owns 3% of Coachmen’s outstanding stock, did not nominate its own slate of directors. Instead, it asked Coachmen shareholders to withhold their votes for the slate of directors and the stock incentive program.
The vote-count needs to be audited and Skinner said the audited results should become available next week. Coachmen will reveal the audited vote-count to the public, she added.
Last month, Thor revealed it was offering to buy all outstanding shares of Coachmen that it does not already own for $18 a share in cash and Thor stock. Skinner said Coachmen “has no interest” in discussing Thor’s current offer but she declined to speculate about possible higher offers.
“We (the Coachmen board) view this matter as being over,” she added.
Institutional investors own about 74% of Coachmen’s stock. Richard Riegel, Thor’s vice president of corporate development, said he could not comment on the views of the institutional investors concerning Thor’s effort to acquire Coachmen.
“It’s status quo until we get the vote totals,” Riegel said.