The Coachmen Industries Inc. Board of Directors will conduct a special meeting “in the near future” to consider the “unsolicited merger proposal” from Thor Industries Inc.
The date of the special meeting has not been set.
Meanwhile, Coachmen urged its shareholders “to take no action” until the special board meeting.
Early today, Thor announced it is offering to buy Coachmen for $18 a share, 60% of which would be paid in cash and 40% in the form of Thor stock.
Coachmen shares closed at $12.69 a share and Thor closed at $24.44 a share on Friday.
The New York Stock Exchange suspended trading in Coachmen and Thor stock this morning, pending Coachmen’s reply to the Thor offer. Trading had not resumed as of 1 p.m. Eastern Time.
Coachmen revealed that it rejected a $17 a share bid from Thor a month ago. The earlier offer would have consisted of half cash and half Thor stock.