Coachmen’s stock price moved up sharply again Tuesday in response to Thor’s $18 a share bid to buy Coachmen.
Thor revealed its proposal to merge with Coachmen on Monday.
In New York Stock Exchange Trading, Coachmen gained 2, or 13%, to close at 17 1/2 on Tuesday.
Investors remained supportive of Thor’s cash and stock bid, pushing Thor’s stock price up an additional 7/16 on Tuesday to 26 11/16
Investment firm CIBC World Markets reiterated its “buy” recommendation for Coachmen stock, which could climb to 20, if Thor sweetens its bid, according to CIBC leisure products industry analyst Steve Eisenberg.
Meanwhile, the broader market continued rebounding from Friday’s record drop.
The Nasdaq composite index gained 251.64 points, or 7%, while the Dow Jones Industrial average climbed 178.70 points, or almost 2%, on Tuesday.
RV company stocks were mixed. Here is a round up:
Fleetwood declined 1/16 to close at 15 5/16
Winnebago slipped 1/4 to close at 17 1/4
Monaco gained 1/4 to close at 16 1/2
National RV gained 3/8 to close at 15
Skyline gained 1/2 to close at 20 1/4
SMC was unchanged at 3 3/4
Holiday RV Superstores dipped 1/16 to close at 4 7/16
Rexhall gained 1/8 to close at 7
Kit slipped 1/16 to close at 6 11/16
Coast Distribution was unchanged at 2
Featherlite slipped 1/4 to close at 4
Spartan Motors was unchanged at 4 1/8