Winnebago Confirms Takeover Bid; Stock Halted
Winnebago confirmed that it has received a takeover bid from North Street Capital of $11 per share. The company's shares were halted on Friday after surging in pre-market trade.
"Company management has reviewed with the board of directors of the company information provided by North Street in connection with the offer and has determined that, to date, it has not received sufficient information to deem the offer as credible," said Winnebago in a release confirming the bid.
Before being halted, the company's shares jumped 17 percent in trading prior to the opening bell.
Winnebago said it will review any additional information relating to North Street's letter and respond in due course. The company said the offer was "highly conditional" and required due diligence and further negotiation.
"The company advises that no offer has been made to shareholders and that they need not take any action at this time in response to North Street's letter," the release said.
The motor-home manufacturer previously rejected an earlier takeover offer of $10.25 a share.