Winnebago Nixes North Street Capital Proposal
Winnebago Industries Inc. is rejecting an unsolicited $321.5 million takeover bid because the offer lacked details, according to an Associated Press report.
Winnebago said Friday (May 18) that the $11 per share cash offer it received from North Street Capital didn’t appear credible, and the offer was dependent on several conditions.
Winnebago officials say they will respond accordingly to North Street if more details about the offer are provided.
Shares of Winnebago jumped 96 cents, or 11%, to $9.89 after news of the takeover bid became public.
During its fiscal second quarter, Winnebago reported a $912,000 loss as it boosted discounts to increase its sales. But company officials have been optimistic about Winebago’s prospects as the economy continues to improve.
North Street Capital is a Greenwich, Conn.-based privately held global investment management and advisory firm. The company invests in high-growth opportunities including leveraged buyouts and recapitalization transactions.