ELKHART, IND. — Coachmen Industries Inc. is claiming victory in a proxy battle with competitor Thor Industries Inc. during Coachmen's May 4 annual meeting. Shareholders approved Coachmen's slate of company directors and a stock incentive program, said Chairwoman and Chief Executive Officer Claire C. Skinner.
The vote is preliminary, however, with CT Corp., selected as independent judge of the election, still needing to wrap up final certification of the process.
Thor Industries, based in Jackson Center, Ohio, has made two offers to buy Coachmen. Elkhart-based Coachmen rejected both, one worth $17 per share and the other valued at $18 in a combination of cash and stock.
Coachmen makes recreational vehicles under the Coachmen, Georgie Boy, Shasta and Viking brands, produces furniture for boats and RVs under its Lux Co. Inc. unit and sells modular homes under the All American Homes and just-purchased Mod-U-Kraf Homes Inc.
It also owns thermoformer Prodesign.
Thor makes Airstream, Dutchmen and Four Winds trailers and recreational vehicles. It already owns more than 450,000 Coachmen shares, worth a 3 percent stake in the business.
It had called for a proxy battle opposing both the Coachmen slate and the stock incentive program as a way for shareholders to "send a message" to the Indiana company to agree to the acquisition.