LISLE, Ill., Oct. 16, 2020 /PRNewswire/ -- Navistar
International Corporation (NYSE: NAV) issued a response from its
Board of Directors to the letter it received from TRATON SE on
October 14.
Following discussions between Navistar and TRATON, Navistar's
Board of Directors confirmed that it would be prepared to move
forward with a transaction in which TRATON would acquire Navistar
for $44.50 per share in cash. In a
letter to TRATON, Navistar's Board asked TRATON to confirm that a
price of $44.50 per share is a basis
for finalization of definitive agreements. Navistar's Board
confirmed that an offer of $44.50 per
share has the support of Navistar's two largest shareholders.
The full content of the letter submitted to TRATON is
attached.
JP Morgan and PJT Partners are acting as Navistar's financial
advisors. Sullivan & Cromwell LLP is providing legal
counsel. Brunswick is providing communication 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.
Forward-Looking Statements
Information provided and statements contained in the letter
and press release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements only speak as of the date of the letter and the press
release and Navistar International Corporation (the "Company")
assumes no obligation to update the information disclosed. These
forward looking statements include information regarding a
potential transaction. These statements regarding the
proposal are not guarantees of performance or results and are
subject to a variety of known and unknown risks, uncertainties,
assumptions and other factors that are difficult to predict and
many of which are beyond the control of the management team of the
Company, and those risks and uncertainties include, but are not
limited to, whether a definitive agreement can be reached with
respect to a transaction and whether any transaction will be
consummated at all or within any particular timeframe. An
extensive list of factors that can affect future results of the
Company are set forth in our filings with the Securities and
Exchange Commission, including our annual report on Form 10-K for
the fiscal year ended October 31,
2019, and our quarterly report on Form 10-Q for the period
ended April 30, 2020. Although we
believe that these forward-looking statements are based on
reasonable assumptions, there are many factors that could affect
our actual results to differ materially from those in the
forward-looking statements. All future written and oral
forward-looking statements by us or persons acting on our behalf
are expressly qualified in their entirety by the cautionary
statements contained or referred to above. Except for our ongoing
obligations to disclose material information as required by the
federal securities laws, we do not have any obligations or
intention to release publicly any revisions to any forward-looking
statements to reflect events or circumstances in the future or to
reflect the occurrence of unanticipated events.
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SOURCE Navistar International Corporation