RVRESOLVE

National RV Holdings Inc. rejected a buyout offer from a group of investors on Monday, saying the proposal "severely undervalues" the motorhome manufacturer.
In a letter to the group, National RV said it expects to create more value for shareholders through improvements to its business strategy.
Last week, investors B. Riley & Co., SACC Partners and National RV founder Robert Lee offered to buy the company for $6.25 a share in cash, a nearly 10 percent premium over the stock's previous closing price. The group made the offer through a newly formed entity called CC Acquisition Group Inc.
National RV shares jumped up to match the purchase offer last week, but then slipped slightly and closed Friday at $6.37 on the New York Stock Exchange.
National RV also said in the letter that CC Acquisition may have acquired more than 15 percent of its outstanding shares, a violation of the company's shareholder rights policy, and suggested that Lee may have breached certain fiduciary duties by disclosing confidential information to B. Riley. The company requested documentation from CC about its equity stake and conversations between the would-be acquirers.
National RV added that it is making changes to its shareholder rights plan to eliminate provisions related to continuing directors and instituting certain bylaw amendments.

A Recreation Vehicle Dealers Association (RVDA) task force reports that it takes an average of 10 days for a dealer to receive a repair part from a manufacturer after it is ordered. That compares to an average 6.5 days parts turnaround from suppliers and three days from distributors. A study conducted in June and July by Marzahn & King Consulting Inc., Virginia Beach, Va., was presented to the RVDA board during its September meeting and to the Go RVing Coalition's Committee on Excellence, which met in early November in Ontario, Calif. The report is particularly timely because the Committee on Excellence is in the process of refocusing its efforts toward addressing customer-satisfaction problems rather than just gathering and dispensing information. Although the study included only nine dealerships of varied size and geographical location, it reviewed 2,332 jobs on 891 separate work orders. "While the sample size is relatively small for statistical purposes, we can draw some reasonable conclusions with a high level of confidence," consultant Chuck Marzahn wrote in a report published in RVDA's monthly magazine, RV Executive Today. "In a broad sense, the conclusion validates concerns about parts shipment accuracy long held by dealers," Marzahn said. "This (also) validates the widely held opinion that manufacturers' parts are the most challenging to obtain." Phil Ingrassia, RVDA vice president for communications, said the study is the first to focus attention on dealers' problems obtaining parts. "There were a lot of anecdotal stories," Ingrassia said, "but nobody ever quantified them. We are not saying that this is exactly how it is for every dealer. This is just an overview." According to Marzahn, "Distributors were quickest to supply parts to dealers with many coming the next day." Using that as a benchmark, Marzahn reported that "suppliers took twice as long and manufacturers, on average, took three times longer."

Make / Models :

Model/Build Years:
SLIME / 1013-A

9999
SLIME / 1015-A

9999
SLIME / TIRE PRESSURE INDICATOR

9999
Manufacturer : ACCESSORIES MARKETING, INC.

NHTSA CAMPAIGN ID Number : 05E076000
Mfg's Report Date : NOV 23, 2005
Component: EQUIPMENT
Potential Number Of Units Affected : 42204
Summary: CERTAIN SLIME (ACCESSORIES MARKETING, INC.) TIRE PRESSURE INDICATOR VALVE CAPS (PIVC), P/NOS. 1013-A AND 1015-A, MANUFACTURED BETWEEN JANUARY 2004 AND AUGUST 2005 SOLD AS AFTERMARKET EQUIPMENT THROUGH AUTOZONE. THE DEFECTIVE PIVCS CAN ALLOW AIR TO ESCAPE FROM THE TIRE, RESULTING IN A LOSS OF TIRE PRESSURE.
Consequence: SHOULD THIS OCCUR WHILE THE VEHICLE IS IN USE, THE DRIVER COULD LOSE CONTROL, POSSIBLY RESULTING IN A VEHICLE CRASH.
Remedy: CUSTOMERS SHOULD RETURN THE DEFECTIVE PIVCS TO AUTOZONE OR CONTACT SLIME AT 1-888-45-SLIME (888-457-5463) FOR A FULL REFUND.