We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Navistar International Corp | NYSE:NAV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.50 | 0 | 01:00:00 |
Filed by the Registrant ☒
|
||
Filed by a Party other than the Registrant ☐
|
||
Check the appropriate box:
|
||
☐ |
Preliminary Proxy Statement
|
|
☐ |
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
|
☐ |
Definitive Proxy Statement
|
|
☐ |
Definitive Additional Materials
|
|
☒ |
Soliciting Material Pursuant to Sec.240.14a-11(c) or Sec.240.14a-12.
|
Delaware
|
1-9618
|
36-3359573
|
||
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
2701 Navistar Drive
Lisle Illinois
|
60532
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
|
Payment of Filing Fee (Check the appropriate box):
|
||||
☒ |
No fee required.
|
|||
☐ |
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
|
|||
(1)
|
Title of each class of securities to which transaction applies:
|
|||
(2)
|
Aggregate number of securities to which transaction applies:
|
|||
(3)
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
|
|||
(4)
|
Proposed maximum aggregate value of transaction:
|
|||
(5)
|
Total fee paid:
|
|||
☐ |
Fee paid previously with preliminary materials.
|
|||
☐ |
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.
|
|||
(1)
|
Amount Previously Paid:
|
|||
(2)
|
Form, Schedule or Registration Statement No.:
|
|||
(3)
|
Filing Party:
|
|||
(4)
|
Date Filed:
|
|||
|
• |
Navistar today announced it has entered into a definitive agreement to be acquired by TRATON, one of the world’s largest commercial vehicle manufacturers, for $44.50 per share in cash.
|
|
• |
This combination will create a global champion in commercial vehicles with enhanced scale, a strong portfolio of best-in-class brands, and a clear leader in cutting-edge products, technologies, and services.
|
|
• |
TRATON will gain access to the North American truck and bus market through Navistar’s expansive distribution network, strongly complementing TRATON’s existing footprint in Europe and South America.
|
|
• |
The combination is a logical next step in the TRATON-Navistar relationship and builds on the success of the two companies’ strategic alliance, which has been in place since March 1, 2017.
|
|
• |
After thoroughly reviewing a range of possible strategic opportunities for maximizing value, Navistar’s Board of Directors determined this transaction was in the best interests of the company, its shareholders and other stakeholders.
|
|
o |
The Board strongly believes that a transaction with TRATON delivers compelling, immediate and substantial cash value to shareholders.
|
|
• |
This transaction creates a company with reach across key truck markets worldwide, including scale and capabilities to deliver cutting-edge products, technologies and services to our customers.
|
|
• |
For nearly four years, both TRATON and Navistar have benefited from a highly collaborative and productive strategic alliance on procurement and technology development.
|
|
• |
As we’ve worked together for several years now, we have recognized that there are even more compelling strategic and financial benefits to a combination of Navistar and TRATON, and we see this as a logical next step in our relationship.
|
|
• |
Combining TRATON’s leading position in the European and substantial presence in South America with Navistar’s presence in North America will create a leader with global reach and complementary capabilities.
|
|
• |
The Board strongly believes that a transaction with TRATON delivers compelling, immediate and substantial cash value to shareholders.
|
|
• |
The transaction is expected to close in mid 2021 subject to customary closing conditions, including approval from Navistar’s shareholders and the receipt of regulatory approvals such as HSR and foreign country antitrust approvals.
|
|
• |
TRATON’s acquisition of Navistar has been approved by the boards of directors of both companies.
|
|
• |
Operationally, it is business as usual for Navistar until the closing of the transaction.
|
|
• |
Supporting our customers, dealers and business partners is of the upmost importance, and we remain committed to delivering the best quality and service.
|
|
• |
The combination will create new opportunities for business growth, including accelerating Navistar’s Vision 2025 customer experience, increasing scale for advanced vehicle technologies and business models, and securing sustainable
strength for Navistar through the combined company’s stronger balance sheet.
|
|
• |
Customers in particular will have new opportunities including increased access to world-leading technologies in internal combustion engines and safety and emerging technologies such as autonomous and electrification.
|
|
• |
The combination will create new opportunities for business growth, including accelerating Navistar’s Vision 2025 customer experience, increasing scale for advanced vehicle technologies and business models, and securing sustainable
strength for Navistar through the combined company’s stronger balance sheet.
|
|
• |
TRATON’s commitment, financial resources and capabilities will strengthen Navistar’s position in core markets, provide added resources to invest and grow Navistar’s business.
|
|
• |
The combination will create opportunities for additional business growth, not only in North America, but across the globe.
|
|
• |
The transaction will also provide Navistar with the financial stability and strength to drive further investments in product, technology and markets, which will allow us to grow market share.
|
|
• |
TRATON’s commitment, financial resources and capabilities will strengthen Navistar’s position in core markets and create a global champion in commercial vehicles.
|
|
• |
Currently, TRATON has no presence in the North American truck and bus market and will use this transaction to grow by utilizing Navistar’s plants, dealers, and employees. TRATON will benefit from our manufacturing footprint, expansive
dealer networks and expert employee base.
|
|
• |
Over the past almost four years, both TRATON and Navistar have benefited from a highly collaborative and productive strategic alliance on procurement and technology development, and TRATON has been a part of Navistar’s Board of Directors
during this time.
|
|
o |
TRATON has been supportive of the Navistar 4.0 strategy, which includes increased capitalization in our manufacturing capabilities, investments in transformational technologies, and acceleration of the customer experience.
|
|
• |
The transaction is expected to close in mid 2021 subject to customary closing conditions, including approval from Navistar’s shareholders and the receipt of regulatory approvals such as HSR and foreign country antitrust approvals.
|
|
• |
TRATON and Navistar have developed a close relationship over the course of the strategic relationship, and we believe this combination is appropriate from both a strategic and cultural point of view.
|
|
• |
TRATON knows Navistar well and looks forward to continuing to work with Navistar to create opportunities for employees.
|
|
• |
The two companies complement each other in many areas. Currently, TRATON has no presence in the North American truck and bus market and will use this transaction to grow by utilizing Navistar’s plants, dealers, and employees.
|
|
• |
The benefits of the proposed transaction would not be predicated on plant closures.
|
|
• |
Operationally, it is business as usual for Navistar. This means we will continue our path to Navistar 4.0, with added resources and scale needed to accelerate the pace of our progress toward financial and operational improvements and a
stronger market presence.
|
|
• |
Driven by the Navistar 4.0, our success will mean an unparalleled customer experience, mutually beneficial relationships with employees, dealers, and suppliers.
|
|
• |
Navistar will become an even more attractive employer, with employees enjoying greater access to global assignment opportunities and career development potential.
|
|
• |
TRATON currently has a unionized workforce and has a well-established track record of working with, listening to and respecting the rights of its workforce.
|
|
• |
TRATON intends to leverage Navistar’s footprint and operations to pursue growth.
|
|
• |
TRATON looks forward to continuing to work with Navistar to create opportunities for employees.
|
|
• |
Currently, TRATON has no presence in the North American truck and bus market and will use this transaction to grow by utilizing Navistar’s plants, dealers and employees.
|
1 Year Navistar Chart |
1 Month Navistar Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions