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Navistar counters TRATON’s ultimatum, acquisition could be on horizon

Navistar counters TRATON’s ultimatum, acquisition could be on horizon
After receiving a “firm” offer of $43 per share Oct. 14 and an acceptance deadline of 6 p.m. CET Oct. 16 from TRATON SE, Navistar countered with a price of $44.50 per share. (Courtesy: Navistar)

LISLE, Ill. — After receiving what amounted to an ultimatum from TRATON SE in an Oct. 14 letter that held firm to the German company’s offer to purchase Navistar International Corp. for $43 per share, the Navistar board of directors countered Friday, Oct. 15, with a letter stating the board would accept $44.50 per share.

In the letter, addressed to TRATON’s CEO Matthias Gründler, Navistar’s Executive Chairman Troy Clarke asked that TRATON “promptly make a public announcement of the extension of your previously announced expiration of your offer to acquire Navistar to a date and time mutually agreed upon in order to proceed with the finalization of the definitive agreements for a transaction at U.S. $44.50 per share in cash.”

Navistar’s letter noted that the price of $44.50 per share has the support of Icahn and MHR, two of Navistar’s largest shareholders.

JP Morgan and PJT Partners are acting as Navistar’s financial advisors in negotiations, while Sullivan & Cromwell LLP is providing legal counsel and Brunswick is providing communication counsel.

The Trucker News Staff

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The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
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