Motorhome manufacturer Winnebago Industries Inc. will repurchase 2.1 million stock shares from the family of company founder John K. Hanson at a below-market price, the company announced today (April 8).
Winnebago will pay $37 a share to Hanson Capital Partners LLC, while Winnebago stock closed at $42.50 a share in New York Stock Exchange trading Friday (April 5).
“When the Hanson family decided to reduce their holdings for estate planning purposes, we were extremely pleased to be able to work with them to repurchase the shares directly,” said Bruce Hertzke, chairman, president and CEO. “We believe the repurchase is in the best interest of Winnebago Industries and the other shareholders.”
The repurchase reduces the number outstanding Winnebago shares by 10% to 18.76 million, from 20.86 million.
The Hanson family continues to own 5.3 million Winnebago shares, or 28% of the company’s stock. Prior to this latest repurchase, the first since 1997, the Hanson family owned 10.6 million, or 42% of Winnebago’s stock.
John K. Hanson died during 1996 at age 83.