Winnebago Industries Inc., maker of the cult favorite recreational vehicles, reviewed and rejected an unsolicited $321.5 million takeover bid from a private equity firm Friday.
In a letter, North Street Capital offered $11 per share in cash for Winnebago – a 29% premium over the Iowa company’s Thursday close.
But Winnebago said in a statement that the letter didn’t have “sufficient information to deem the offer as credible” and that the proposal was conditional upon further due diligence and negotiation.
The company said it would look at more information if Connecticut-based North Street decides to offer it and then “respond in due course.”
Winnebago RVs are seemingly omnipresent in popular culture, showing up as a rocket ship in Mel Brooks’ “Spaceballs” film, in “National Lampoon” releases and in songs from the Dead Kennedys and others.
The company’s stock has been volatile in the past 12 months, swinging to close at $8.51 a share Thursday from $12.02 a year earlier. On Friday, the stock surged to $10.02 a share on the news of the buyout offer and was trading up 6.7% at $9.08 in afternoon trading in New York.