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.
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