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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 |
From Apr 2019 to Apr 2024
By Chris Wack
Navistar International Corp. (NAV) shares rose 55%, to $37.37, in early trading after the company said it was being bought by the truck unit of Volkswagen AG (VOW.XE) in an all-cash transaction valued at $2.9 billion.
The unsolicited proposal from Traton SE is for $35 a share in cash, a 45% premium to Navistar's closing price of $24.07 a share Thursday.
Traton already owns a 17% stake in Navistar.
Analysts at Baird said the move was "no surprise," and downgraded Navistar to "Neutral" from "Outperform."
The Baird note said the combination would make Traton a global player in the commercial vehicle space, competing with Daimler, Paccar and Volvo. The analyst also said another buyer seems unlikely.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 31, 2020 10:00 ET (15:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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