Forest City, Iowa-based Winnebago Industries Inc. officials say they haven’t made a decision on whether to accept or reject an offer from a private equity firm to purchase the company because they don’t have enough information.
The Associated Press is reporting Winnebago has rejected a $321.5 million offer from North Street Capital, a Greenwich, Conn.-based private equity, hedge fund and mergers and acquisitions advisory firm, to buy the company. That story appeared earlier today on RVBUSINESS.com.
“We didn’t reject any offer,” Sheila Davis, company spokeswoman, told the Mason City Globe Gazette. “We have not received a credible offer.”
She said Winnebago received an initial letter from North Street in April and another in May.
North Street is proposing to acquire all outstanding Winnebago common shares for $11 each in cash. Davis said the company has about $29 million in outstanding common stock.
Davis said Winnebago has asked for additional information that North Street has not provided to date. North Street has not yet indicated who would underwrite the purchase, she said.