Navistar Confirms Receipt Of Revised Proposal From TRATON

Rhea-AI Summary

On Sept. 10, 2020, Navistar International Corporation (NYSE: NAV) confirmed receiving a revised acquisition proposal from TRATON SE for $43 per share in cash. The Board of Directors is committed to exploring this offer while ensuring it maximizes value for shareholders. They will review the proposal with their advisors but caution that no transaction is guaranteed. Shareholders are advised not to take action at this time. JP Morgan and PJT Partners are serving as financial advisors, with Sullivan & Cromwell LLP providing legal counsel.

Positive

• Revised acquisition offer at $43 per share potentially increases shareholder value.
• Board is actively exploring options to maximize value for stakeholders.

Negative

• No assurance that the acquisition will occur despite the proposal.

LISLE, Ill., Sept. 10, 2020 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) ("Navistar" or "the Company") today confirmed that it has received a revised proposal from TRATON SE to acquire Navistar for $43 per share in cash.

Navistar's Board of Directors and management team are committed to exploring all avenues to maximize value. Consistent with its fiduciary duties, the Board will carefully review the revised proposal from TRATON in consultation with its advisors to determine the course of action that it believes is in the best interests of the Company and its stakeholders.

Navistar shareholders do not need to take any action at this time, and there is no assurance that any transaction with TRATON will occur or be consummated. Navistar does not intend to make any additional comments regarding the proposal unless and until it is appropriate to do so, or a formal agreement has been reached.

JP Morgan and PJT Partners are acting as Navistar's financial advisors. Sullivan & Cromwell LLP is providing legal counsel.

About Navistar 
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International^® brand commercial trucks, proprietary diesel engines, and IC Bus^® brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com.

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SOURCE Navistar International Corporation

FAQ

What is the latest acquisition proposal for Navistar?

Navistar has received a revised proposal from TRATON SE to acquire the company for $43 per share in cash.

What should Navistar shareholders do regarding the TRATON proposal?

Navistar shareholders do not need to take any action at this time regarding the TRATON proposal.

Who is advising Navistar on the acquisition proposal?

JP Morgan and PJT Partners are acting as financial advisors to Navistar, while Sullivan & Cromwell LLP is providing legal counsel.

Is there any guarantee that the acquisition by TRATON will happen?

There is no assurance that any transaction with TRATON will occur or be completed.