In response to Cavco Industries, Inc. attempt to acquire Skyline Corporation following Skyline’s announcement it will spin off its RV division to Evergreen Recreational Vehicles, LLC, as MHProNews reported Sept. 29, cnnmoney.com reports the company’s board of directors issued a statement: “Our Board has established a special committee tasked to evaluate strategic initiatives and make recommendations to the full Board. As part of its work, that committee, with input from our management team and advisors, plans to thoroughly evaluate all potential strategic proposals and other initiatives to further improve operations and strengthen our capitalization.”
While Skyline disputes Cavco’s time line of its attempt to contact the company, the statement also says Cavco is undervaluing the stock, although the special committee will evaluate the offer. Meanwhile, Skyline, which was incorporated in Indiana in 1959, is standing by its offer to sell the rv division to Evergreen: “The Board believes this transaction with Evergreen is aligned with our strategic objectives and is in the best interest of shareholders.” Skyline produces manufactured and modular homes, as well as recreational vehicles from its base in Elkhart, Indiana. ##
