The Thor Industries Inc. offer to buy Coachmen Industries Inc. currently is worth more than $18 a share because the stock portion of the offer “is pegged to a fixed exchange ratio,” Thor Chairman Wade Thompson revealed Friday.
On April 17, Thor announced it would pay $18 a share for each share of Coachmen stock that it did not own. Sixty percent would be paid in cash and the remainder in the form of Thor stock.
The fixed exchange ratio is 0.7366 Thor shares for each Coachmen share, Thompson said.
Because the price of Thor stock has increased since the offer was revealed, Thor’s offer now is worth more than $18 a share to Coachmen shareholders, Thompson said.
On Thursday, Thor stock closed at 26 7/8, which meant Thor’s offer was worth $18.72 a share to Coachmen shareholders, Thompson said.
On Friday, Thor stock gained 1/16 to close at 26 15/16.
Thompson said a merger of Thor and Coachmen would create a more efficient and profitable company.