Shares of Thor and Coachmen both declined Thursday, suggesting that investors believe Thor’s effort to takeover Coachmen will be a protracted affair.

Thor was down 1/2 to close at 27 9/16 and Coachmen was down 3/16 to close at 16 1/2.

On Thursday, Thor Chairman Wade F.B. Thompson announced he wants to make the Coachmen annual shareholders’ meeting vote on otherwise routine matters into a referendum on his proposal buy Coachmen for $18 a share.

Coachmen management, after the market closed today, announced its board will consider Thor’s unsolicited offer during a special meeting next Wednesday. It advised its shareholders to do nothing until they receive the board’s recommendation next week.

On Thursday, 33,000 Coachmen shares changed hands and only 4,000 Thor shares were traded.

Here is a round up of other RV company stock movements on Thursday:

Fleetwood gained 1/16 to close at 15 5/16

Winnebago declined 5/16 to close at 17 1/16

Monaco declined 1/16 to close at 16 15/16

National RV declined 1/16 to close at 15 3/16

Skyline gained 1 to close at 21 1/8

SMC gained 1/8 to close at 3 7/8

Holiday RV Superstores gained 1/16 to close at 5

Rexhall was unchanged at 7 3/8

Kit was unchanged at 6 11/16

Coast Distribution was unchanged at 2

Featherlite was unchanged at 4 1/8

Spartan Motors declined 1/16 to close at 4 1/16