Monday, November 21, 2005
INVESTORS OFFER TO BUY NATIONAL RV
Investors B. Riley & Co., SACC Partners and Robert B. Lee, who own with their affiliates about 15 percent of National R.V. Holdings Inc., have offered to buy the rest of the company for $6.25 per share cash plus the assumption of debt, or a total of about $92 million.
Shares of the motor-homes maker closed at $5.71 on the New York Stock Exchange. Based on this, the offer represents a premium of about 9.5 percent.
The group noted that the offer represents a 13 percent premium over the closing price on Friday and a premium of about 27 percent to the average closing price for National R.V. shares over the past 30 trading days.
Robert Lee, the founder and chairman emeritus National R.V. Holdings, controls about 5.73 percent of the company. SACC Partners, an affiliate of investment banking firm B. Riley & Co., owns with its affiliates another 9.15 percent of the company.
The investors made their offer to the National R.V.'s board through a newly formed entity, CC Acquisition Group Inc.
The offer is subject to financing and contemplates the negotiation and execution of a binding agreement before Dec. 31. In addition, a sufficient number of managers must remain with the company following the transaction.
Shares of the motor-homes maker closed at $5.71 on the New York Stock Exchange. Based on this, the offer represents a premium of about 9.5 percent.
The group noted that the offer represents a 13 percent premium over the closing price on Friday and a premium of about 27 percent to the average closing price for National R.V. shares over the past 30 trading days.
Robert Lee, the founder and chairman emeritus National R.V. Holdings, controls about 5.73 percent of the company. SACC Partners, an affiliate of investment banking firm B. Riley & Co., owns with its affiliates another 9.15 percent of the company.
The investors made their offer to the National R.V.'s board through a newly formed entity, CC Acquisition Group Inc.
The offer is subject to financing and contemplates the negotiation and execution of a binding agreement before Dec. 31. In addition, a sufficient number of managers must remain with the company following the transaction.
