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.
Based in Lisle, Illinois, International Motors, LLC* creates solutions that deliver greater uptime and productivity to our customers throughout the full operation of our commercial vehicles. We build International® trucks and engines and IC Bus® school and commercial buses that are as tough and as smart as the people who drive them. We also develop Fleetrite®aftermarket parts. In everything we do, our vision is to accelerate the impact of sustainable mobility to create the cleaner, safer world we all deserve. As of 2021, we joined Scania, MAN and Volkswagen Truck & Bus in TRATON GROUP, a global champion of the truck and transport services industry. To learn more, visit www.International.com.
Media contact:
Nick Smith
nick.smith@navistar.com
480-398-6511
Investor contact:
Marvin Kalberlah
marvin.kalberlah@navistar.com
630-432-5179
*International Motors, LLC is d/b/a International Motors USA LLC in Illinois, Missouri, New Jersey, Ohio, Texas, and Utah.