Kevin Sowers with Aplomb Capital is a Skyline stockholder, who previously told the Daily Business News that the Monteverde & Associates PC matter was a form of “ambulance chasing.”
Sowers has been critical of Skyline in the past, but favors this merger with Champion. That initial report on the pending ‘class action’ is linked below.
In the latest publicized maneuver, Michael Daniels, General Manager of the Shareholders Foundation said in a release to MHProNews that, “An investigation was announced for investors, who currently hold shares of Skyline Corporation (NYSE: SKY), over the takeover of Skyline Corporation by Champion Enterprises Holdings.”
While merits of the matter will be debated by professionals, what it seems to be accomplishing is a slowdown for Champion and Skyline.
Per the Shareholders Foundation, “On January 5, 2018, Skyline Corporation (“Skyline”) (AMEX:SKY) and Champion Enterprises Holdings, LLC (“Champion”), the parent company of Champion Home Builders, Inc., today announced that they have entered into a definitive agreement for the two companies to combine their operations. Under the terms of the agreement, Champion will contribute 100% of the shares of its operating subsidiaries, Champion Home Builders, Inc. and CHB International B.V., to Skyline.”
According to their website, “The Shareholders Foundation is a portfolio monitoring service for institutional and individual investors. We offer professional portfolio, legal monitoring, and custom reporting for institutional investors including settlement claim filing services. The Shareholders Foundation also offers portfolio tools and resources at no cost to individual investors.”
“However, given that Art Decio, Skyline’s largest shareholder, has already agreed to vote in favor of and fully support the transaction, the investigation concerns whether the offer is unfair to NYSE: SKY stockholders,” said their release. “More specifically, the investigation concerns whether the Skyline Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.”
“Skyline Corporation reported that its Total Revenue rose from $211.77 million for the 12 months period that ended on May 31, 2016 to $236.50 million for the 12 months period that ended on May 31, 2017,” according to their release.
The firm bills itself as a “complete class action monitoring service for individual, professional, institutional investors and custodians.”
The closing numbers today on Skyline’s stock is part of the market report, linked here. ## (News, analysis, and commentary.)
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