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National R.V. turns down offer.

Publication: The Register-Guard (Eugene, OR)
Publication Date: 29-NOV-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: National R.V. turns down offer.(Business)(The board calls the purchase bid `opportunistic' and vows to resist further efforts by the founder of Country Coach)

Article Excerpt
Byline: Tim Christie The Register-Guard

National R.V. Holdings' board of directors on Monday emphatically rejected a bid by Country Coach founder Bob Lee and partners to buy the company, saying that the $92 million offer was woefully inadequate and severely undervalued the financially ailing company.

The board also took steps to fend off a takeover: It changed company bylaws, making it more difficult for shareholders to call board meetings and to remove board members. It alleged that Lee, himself a board member, may have improperly shared inside information with his takeover partners. And it put its would-be suitors on notice that they may have triggered a poison pill provision that could cripple the takeover effort.

The moves set the stage for what could be a protracted battle for control of the Perris, Calif., company, which owns Country Coach.

The board rejected the offer because it wasn't just low - " it was an incredibly discounted offer," CEO Brad...

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