Thor Industries Inc. might be willing to raise its $18 a share offer for Coachmen Industries Inc.
Thor revealed this morning that it is offering $18 a share to buy Coachmen, a price that represents a 42% premium over the closing price for Coachmen shares on Friday.
Coachmen closed at $12.69 a share Friday.
In a statement issued at around 1 p.m. Eastern Time today, Coachmen said it would review Thor’s offer and make a decision during a board meeting “in the near future.”
Coachmen also revealed it rejected a $17 a share offer from Thor a month ago.
The $17 a share offer was in the form of half cash and half Thor stock.
The $18 a share offer would include 60% cash and 40% Thor stock.
In a letter, which Thor Chairman Wade F.B. Thompson sent to Coachmen Chairman Claire Skinner, Thompson wrote the following; “Our $18 per share price represents a compelling value for Coachmen shareholders. Nevertheless, if you can show us additional value through the due diligence process, which we have not previously considered, we would entertain increasing our offer in the context of negotiating a definitive agreement.”