JACKSON CENTER, Ohio, April 17 /PRNewswire/ --
Thor Industries, Inc. (NYSE: THO) announced today that it delivered the following letter to Ms. Claire C. Skinner, Chairman and CEO of Coachmen Industries, Inc. (NYSE: COA).
April 17, 2000
Ms. Claire C. Skinner, Chairman, Coachmen Industries, Inc.,
2831 Dexter Drive, Elkhart, IN 46515
Dear Claire:
As I have discussed with you on a number of occasions over the last few months, we believe that a merger of Coachmen and Thor would be in the best interests of our two companies. We fail to understand why, despite our repeated requests, your Board will not negotiate with Thor concerning the transaction.
Thor is prepared to acquire all of the outstanding Coachmen common stock for $18.00 per share, for an aggregate of $289.6 million based on outstanding shares and estimated in-the-money options at that price. The consideration would consist of 60% in cash and 40% in Thor stock based on Friday's close of $24 7/16 (0.7366 Thor shares per Coachmen share). The $18 offering price represents a 41.9% premium over Coachmen's closing common stock price of $12 11/16 last Friday. This transaction would not only give your shareholders a substantial premium, but also permit them the opportunity to continue in the combined enterprise. Our offer is not subject to financing contingencies.
Our $18.00 per share price represents a compelling value for Coachmen shareholders. Nevertheless, if you can …
