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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 |
By Colin Kellaher
Navistar International Corp. on Friday said it is willing to be acquired by Volkswagen AG's Traton SE unit, but at a higher price than the offer currently on the table.
The Lisle, Ill., maker of trucks and buses said it is prepared to move forward with a transaction in which Traton would pay $44.50 a share in cash, which would value Navistar at roughly $4.43 billion.
Traton, which already owns a 16.7% stake in Navistar, is currently offering $43 a share, up from an initial bid of $35. The company earlier this week said its proposal would expire Friday unless it Navistar indicated a willingness to engage.
Navistar said that following talks with Traton, its board asked the German truck maker to confirm that a price of $44.50 a share is a basis for a definitive agreements, adding that a deal at that price has the support of two of its largest shareholders, including billionaire investor Carl Icahn, who owns a 16.8% stake, and MHR Fund Management, with a 16.3% interest, according to data from FactSet.
Shares of Navistar were recently up 20.9% to $42.83, while Traton shares gained 1.1% to EUR17.93.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 16, 2020 10:58 ET (14:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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