Key Developments For Cavco Industries, Inc.
Cavco Industries, Inc. (CVCO.O) (Nasdaq)
Fleetwood Enterprises, Inc. Announces Results of Auction for Its Manufactured Housing Assets
Fleetwood Enterprises, Inc. announced that Cavco Industries, Inc. and an investment partner, Third Avenue Trust Value Fund (TAVFX), through FH Holding, Inc., their jointly owned corporation, has been named the highest and best bidder for certain of the company's manufactured housing assets. The winning bid was determined through an auction held by the company, in consultation with the Committee of Creditors, and a Court hearing to approve the sale is scheduled for August 12, 2009 at 1:30 p.m. Pacific Time in Riverside, Calif. Cavco's final offer of $21.8 million was an increase on a net basis after adjustments of approximately $3.8 million over Cavco's previously announced offer for the same assets. In addition, Cavco agreed to buy Fleetwood's idled Woodland, Calif. plant for $4.8 million.
Cavco Industries, Inc. And Fleetwood Enterprises, Inc. Announce Manufactured Housing Transaction Offer; Sign Indication Of Interest
Cavco Industries, Inc. and Fleetwood Enterprises, Inc. announced that they have signed an indication of interest in which Cavco Industries, Inc. and an investment partner, Third Avenue Trust Value Fund, have offered to purchase certain of Fleetwood Enterprises, Inc.'s assets comprising its manufactured housing business. Terms of the transaction were not disclosed.
Cavco Industries, Inc. Announces Stock Repurchase Program
Cavco Industries, Inc. announced that its Board of Directors has approved a stock repurchase program. A total of $10 million may be used to purchase its outstanding common stock. The repurchase program will be funded using the Company's available cash and short term investments.
Cavco Industries, Inc. Acquires Land To Build New Manufacturing Facility
Cavco Industries, Inc. announced that it has purchased land in Phoenix, AZ for the expansion of its homebuilding operations. The parcel, approximately 30 acres, was acquired in a cash transaction and is zoned for industrial use.
Cavco Industries, Inc. Begins Trading On Nasdaq; Moves from OTC-WSJ
The Wall Street Journal reported that the Nasdaq National Market began trading the common shares of Cavco Industries, Inc., which moved from the OTC Bulletin Board.
