Forest City-based Winnebago Industries has confirmed that it has received a buyout offer from a private equity company in Connecticut. Winnebago officials issued a news release saying North Street Capital has proposed to buyout the recreational vehicle maker for $11 a share.
The release says Winnebago management has reviewed the offer with its board of directors and has determined that so far there is not sufficient information to deem the offer as credible. It says the offer is “highly conditional” and requires due diligence and further negotiation.
The company says it will review any additional information provided by North Street Capitol as part of its duty to act in the best interest of shareholders. But company officials say no offer has been made to shareholders and shareholders do not need to take any action.
By Bob Fisher, KRIB, Mason City