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Navistar International Corp.

Navistar to Discuss Revised Acquisition Proposal with Traton

The board of directors for Navistar International Corp. on Monday said Traton’s revised proposal to acquire the manufacturing company at $43 per share “significantly undervalues” the business, but added that it represents a starting point for “further exploring the possibility of a transaction.”

Volkswagen AG subsidiary Traton SE, which manufactures commercial vehicles under brands that include MAN and Scania, presented a revised bid to Lisle, Ill.-based Navistar on Sept. 10 that represents a 23% increase per share over an unsolicited bid it offered in January 2020. Navistar manufactures commercial trucks under the International brand.

Traton estimates it already holds about 16.8% of Navistar’s outstanding shares.

According to the news release from the Navistar board, “In light of the 23% increase in their proposal, the board believes the best way for Traton to appreciate the true value of a potential combination is to allow it to conduct due diligence and engage in further synergy discussions with the company.” 

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