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Although Thor Industries Inc. has withdrawn its $18-a-share offer to buy Coachmen Industries, Thor will continue pursuing a takeover of Coachmen, according to a stock market analyst.

Thor Chairman Wade F.B. Thompson announced today that the $18-a-share offer “is now withdrawn,” although Morgan Keegan & Co. analyst David Tannehill said that was done because Thor “doesn’t want an offer hanging out there.”

Tannehill added, “They (Thor) are not giving up, they are reviewing other options” related to a takeover of Coachmen.

Earlier this month, Thompson attempted to turn Coachmen’s annual shareholders’ meeting into a referendum on his takeover effort. Thompson asked the Coachmen shareholders who supported his bid to officially abstain from voting for the Coachmen management-friendly nominees to the Coachmen Board of Directors.

Thor did not slate its own candidates to the Coachmen board so the management-friendly slate was unopposed.

Although Thor’s bid was defeated, Thompson revealed today that “not one of Coachmen’s 10 directors received (votes representing) a majority of the common shares outstanding” at the shareholders meeting.

Tannehill believes combining Thor and Coachmen would create a more valuable company, and he believes a bid of in “the low to mid $20” a share range has a better chance of being approved by the Coachmen board.