Hedge Fund Makes Takeover Offer for Winnebago

Private equity fund North Street Capital LP has offered $322 million for Winnebago Industries Inc. The unsolicited bid of $11 per share is 29% higher than the closing price of Winnebago shares on Thursday before the offer was disclosed.

North Street offered $10.25 per share for the Forest City, Iowa-based motorhome maker last month but was rebuffed. The hedge fund says it wants to assemble cars and trucks for Chinese companies at Winnebago's factories.

The company calls the new offer "highly conditional" and "not credible." Winnebago says it needs more information, including the names of the financial firms backing the bid, to prove that North Street would be able to complete the transaction. Morningstar Inc. analyst David Whiston tells The Wall Street Journal that the company is worth at least $19 per share.