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
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