Shares of National RV Holdings Inc. soared Tuesday (Nov. 22), a day after a group of investors offered to buy out the motorhome maker.
The Perris, Calif., company’s shares closed at $6.45 on the New York Stock Exchange, up 74 cents or around 13%,
Investors B. Riley & Co., SACC Partners and Robert Lee, who collectively hold about 15% of National RV Holdings, issued a statement late Monday saying they had offered to buy the rest of the company for $6.25 per share cash plus the assumption of debt, or a total of about $92 million.
The group said they made their offer through a newly formed entity, CC Acquisition Group Inc.
In a press release issued today, National RV Holdings confirmed it had received the offer and that the board of directors “will be reviewing the letter in accordance with its fiduciary obligations.”
Lee, the founder of subsidiary Country Coach Inc., Junction City, Ore., and chairman emeritus of National RV Holdings, controls about 5.73% of the company. SACC Partners, an affiliate of investment banking firm B. Riley, owns with its affiliates another 9.15% of the company.