Today TRATON SE (“TRATON”), one of the world’s largest commercial vehicle manufacturers, increased its offer for all outstanding shares of common stock of Navistar International Corporation (“Navistar”) not already owned by TRATON to USD 43.00 per share in cash. The increased offer represents a 23% increase from the USD 35.00 per Navistar share that TRATON offered at the end of January. TRATON currently holds 16.8% of Navistar’s outstanding common shares.
“We continue to believe in the compelling strategic benefits that a complete merger of TRATON and Navistar would produce. This is why we are re-emphasizing our interest in the transaction in spite of the Covid-19 pandemic,” said Matthias Gründler, CEO TRATON SE.
TRATON expects that the independent members of Navistar’s Board of Directors will now review the increased offer. The offer remains subject to a satisfactory due-diligence process as well as negotiation and a common understanding as regards the merger agreement. This merger agreement, which has yet to be worked out, would be subject to final approval by the boards of TRATON and Volkswagen AG, and by the Board of Directors of Navistar and the company’s stockholders.
SOURCE: TRATON
