Thor Attempts Takeover of Coachmen Industries

Wall Street was abuzz last month with news of Thor's (Thor Industries, Inc. [NYSE: THO]) unsolicited takeover of Coachmen Industries, Inc. (NYSE: COA). At press-time, no resolution of the takeover bid had been reached.

It all started on April 17 with Thor's pressure tactic, known as a "bear hug" where Thor made a public announcement of a letter to Coachmen's board written by Thor chairman Wade Thompson that said Thor was prepared to acquire Coachmen for $18 a share, with the consideration consisting of 60 percent cash and 40 percent Thor stock -- a premium of about 42 percent over Coachmen's closing price on Friday, April 14. Thor also said it wanted to complete a friendly transaction, and said it would consider raising its offer if it found additional value after examination of Coachmen's nonpublic financial data.

Coachmen responded in a statement that its directors would review the $18-a-share takeover bid, and urged shareholders to take no immediate action.

Coachmen pointed out that its board rejected a $17-a-share bid from Thor a month earlier. That bid was for 50 percent in cash and 50 percent in stock.

Coachmen subsequently accused unsolicited suitor Thor of attempting to disrupt its annual meeting by urging Coachmen shareholders to use their proxy card to signal in favor of Thor's proposed acquisition.

Thor had sent a letter to Coachmen shareholders detailing its proposal to acquire Coachmen for $18 per share in cash and stock.

Thor also urged Coachmen shareholders to withhold authority of vote for all named director nominees and to vote against Coachmen's omnibus stock incentive plan.

In a statement Coachmen said, "it is Coachmen's belief that Thor Industries has commenced a process to disrupt the upcoming annual shareholders meeting in support of its attempt to acquire Coachmen Industries Inc."

Coachmen accused Thor of "an orchestrated campaign to stampede the shareholders and the board of directors into accepting Thor's proposal."

The Coachmen board met to consider Thor's proposal, and plans to advise its shareholders of its recommendation following the meeting. Coachmen's annual meeting is scheduled for May 4.

Thor said it had asked Coachmen to enter a binding agreement, to postpone its shareholders meeting until a transaction can be negotiated and to waive the defensive provisions of its by-laws.

Thor owns about 3% of Coachmen's outstanding stock.

DTI RV Parts & Appliances Takes On Several New Product Lines

According to DTI, the increased demand from dealers has prompted the company to expand its parts and appliances catalog to include several new products. They include AntennaTek antennas, Fan-Tastic Vent, Maxxair vents, Valterra valves, Safety Alert alarms, cords and adapters by Mid-American, Electro-Transfer Systems, Lyall Assemblies, Phoenix faucets, Prime tow mirrors, and Carrier Air Conditioning replacement parts.

Jess Fowler, DTI president, said, "We always listen to our customers and expect that we will continue to add new products in the coming months as dealer's indicate their needs."

Recreation Vehicle Safety Foundation Formed

John Anderson, founder of the A'Weigh We Go safety program, has established the Recreation Vehicle Safety Foundation (RVSF) as a Tennessee non - profit corporation. According to Anderson, this is the first step in bringing safety to the forefront in the RV industry. He told sponsors recently, "Our board of directors, to be empowered at the RVIA show in Louisville, has been selected to represent a cross section of our industry, as well as include an outsiders perspective. Since all of us tend to get immersed in what we do and sometimes accept things because we always did it that way, I felt that an outsider with transportation safety experience would be valuable."

Board members include: Virgil Miller, president, Newmar Corp.; Randy Biles, chairman of the RVDA, and president of Pikes Peak Traveland in Colorado Springs, CO; Gaylord Maxwell, University of Idaho Life on Wheels Program; consumer Jeff Jefcoat, national vice president, eastern region, FMCA; Gaylord Wooge, president, Farm & City Insurance; and Edson de Castro, private consultant.

The RVSF will seek financial contributions from industry, government, and private sources, to be used as directed by the board, to enhance RV Safety.

Keystone RV to Purchase Damon Towables

Keystone RV Co., Goshen, Indiana, announced last month that Cole Davis, chairman and CEO of Keystone, and Don Pletcher, chairman and CEO of Damon Corporation, reached a tentative agreement for Keystone to purchase the assets of Damon's travel trailer, fifth wheel and fold-down camper divisions. The terms of the agreement are undisclosed.

Davis said, "Keystone RV has firmly established its reputation as towable specialists. We have enjoyed exceptional growth by focusing on this market, and we understand the travel trailer and fifth wheel customer's desires better than any company in the industry today. We are pleased to welcome Damon's towable and fold-down camper division employees and dealers to share in the excitement and energy of our rapidly growing company."

Pletcher said, "Our company will now concentrate our full efforts and resources on our motorhome and park trailer divisions."

At presstime, it was expected that the transaction would close before the end of April.

RVIA Shipment Forecast

Economist Predicts 3% Increase in New RV Shipments This Year

According to John DeWolf, RVIA's economic consultant, RV shipments will gain more than 3% in 2000 and he expects total shipments to reach about 333,000 units.

Writing in the RVIA's Roadsigns newsletter, DeWolf stated, "Towables will see about 5.8% more shipments in 2000 than in 1999. However, it now appears that motorhomes will drop more than 5%.

WDA Changes Conference Location

Gary Chancy, president of WDA, the RV Aftermarket Association told RV News that the location of this year's executive conference has been changed to Huntington Beach, CA, from the previously announ-ced site in Orlando, FL.

Chancy said after the board of directors visited the site location in Florida, the board determined that the location was unsatisfactory for WDA's annual conference.

After reviewing several other locations, the board decided that the Waterfront Hilton in Huntington Beach better meets the association's needs. Chancy pointed out that the four-star Waterfront Hilton is directly across the street from the Pacific Ocean and all rooms have a balcony with an ocean view. He said, "The staff is friendly and want our business. During our stay WDA will occupy 70% of the hotel."

Also, it's conveniently located for air travel. The area is served by five airports, John Wayne/ Orange County Airport (14 minutes), Long Beach Daugherty Field (25 minutes), LAX (45 minutes), Ontario International (1hour), Burbank (1-1/4 hours), and if you preferred, San Diego ( 90 minutes).

RVIA Revises Trailer and Motorhome Weight Label Requirements

The RVIA board of directors has revised both the RVIA motorhome and trailer weight label programs.

The major changes to the labels are the inclusion of full fresh water weight and full LPGas weight in the stated cargo carrying capacities of both motorhomes and trailers, the adoption of metric values and their English equivalents (70 kg or 154 lb) for the weight of each motorhome occupant, and the inclusion of tongue or pin weight together with axle weight(s) in the GVWR and UVW of trailers.

There are two new terms used in the labels. Cargo Carrying Capacity (CCC) replaces Net Carrying Capacity (NCC) and Sleeping Capacity Weight Rating (SCWR) has been added to the motorhome label.

Holiday RV Superstores Opens First Store with Recreation USA Theme

Holiday RV Superstores, Inc., has unveiled the first theme store using its Recreation USA trade name. The dealership chain said that its new 31,000-square-foot store in Spartanburg, S.C. will serve as a prototype for other dealerships joining the Recreation USA family. Its distinctive red, white and blue decor makes a bold, visual statement for customers that is easily recognizable -- and easily transferable to the new and redesigned dealerships that will come under the Recreation USA flag. Likewise, its premium features such as onsite Internet access, an ATM machine and full-line service center will set the standard in the business.

Ronald G. Huneycutt, president and CEO, said, "We want our RV and marine customers to be able to pick out a Recreation USA dealership at a glance -- whether they're traveling in Florida or Texas or California -- and know it's a place they can trust."

Wheeler's Campground Guide Online

The complete Wheeler's RV Resort & Campground Guide is online and available to consumers to search the database of more than 14,000 campsites in the U.S., Canada and Mexica, according to Publisher Gloria Telender, president of Print Media Services, Inc.

The online directory was developed for Print Media Services by Web Site Management, Inc., Tempe, AZ.

RVers can locate campgrounds either searching by campground name, clicking on maps or viewing all the camping locations within a state.

In addition, RVers can make reservations through the site for any campground that is an advertiser in the print version.

"We're real happy with the online directory," Telander said. "It not only is a tremendous service to the RVing public, it also gives us another way to support our advertisers."

www.wheelersguides.com