Investors continued on Monday expressing their displeasure with the refusal by Coachmen Industries Inc. to agree to a merger with Thor Industries Inc.
Coachmen stock declined 1 1/8, or almost 8%, on Monday to close at 13 5/8. A relatively high 146,000 Coachmen shares changed hands in New York Stock Exchange trading.
Meanwhile, Thor declined 1, or almost 4%, to close at 25 1/4. Thor trading volume was light, only 7,000 shares changed hands.
A majority of Coachmen shareholders reportedly voted last week to reject Thor’s unsolicited $18 a share bid. At least one market analyst believes the two firms will eventually merge, but he feels it may take months to negotiate a higher price.
Otherwise, the vast majority of RV stocks declined Monday. One exception was Holiday RV Superstores, which gained 1 3/32, or 28%, to close at 5.
Holiday RV Superstores did not issue any news on Monday, although, last week, it announced it hired an investment banking firm to prepare and disseminate “a corporate profile.”
Concerning the broader market, the Nasdaq declined 147.44 points, or almost 4%, while the Dow Jones Industrial Average gained 25.77 points, or 0.2%, on Monday.
Here is a round up of other RV company stock moves on Monday:
Fleetwood declined 1/4 to close at 14 3/4
Winnebago declined 7/16 to close at 16 5/16
Monaco declined 1/16 to close at 15 15/16
National RV declined 3/16 to close at 12 1/2
Skyline was unchanged at 20 3/16
SMC gained 1/8 to close at 4
Coast Distribution was unchanged at 2
Featherlite was unchanged at 4 1/16
Spartan Motors declined 3/16 to close at 4 3/16
Starcraft gained 1/4 to close at 7 3/4