Key Developments: Winnebago Industries Inc (WGO)
24 May 2013
Latest Key Developments (Source: Significant Developments)
Reuters reported that Winnebago Industries Inc said it received an unsolicited buyout offer from racing car enthusiast Alex Mascioli, valuing the U.S. motor homes maker at $321.5 million. Mascioli's offer, made through his investment firm North Street Capital LP, is a 29% premium to Winnebago's Thursday closing price. Shares of the company were trading well short of the offer at $9 on the New York Stock Exchange, indicating investor skepticism over the deal. Speaking to Reuters, Mascioli said he had reached out to Winnebago last month and made an initial offer of $10.25 per share, which the Company rejected. North Street then sent a revised offer letter of $11 per share, he said. "If they respond to what we had asked with minimal non-evasive due diligence, then we might see further value in the company and possibly raise the offer based on findings from there," he said. Winnebago said its board will review any additional information relating to the offer and respond in due course. He said he has not had formal discussions with the Winnebago board or management, but has spoken with others at the Company. The company did return calls seeking further information. Full Article
Winnebago Industries, Inc. announced the retirement of Bob Olson from the position of Chairman of the Board effective on February 24, 2012. Randy Potts, will assume the role of Chairman of the Board in addition to his current positions of Chief Executive Officer and President, in accordance with the Company's succession plans. Full Article
Winnebago Industries, Inc. announced the Board of Directors elected Randy Potts to the position of Chief Executive Officer (CEO). This is in addition to his current position of President that was effective in January 2011. Bob Olson will retain his position as Chairman of the Board in order to focus on the Company's overall direction. Full Article
- Winnebago Industries Inc reported surprisingly strong profit on Thursday, suggesting the growing confidence among U.S. consumers is shared by the 50 and older crowd, the prime demographic for the No. 1 U.S. maker of motorhomes.