NAV stock is rising in early trading on October 16, 2020, on rumors the company is close to be acquired.
Volkswagen’s (VWAGY) Traton and Navistar (NAV) are very close to a deal for Traton to acquire what it does not own of the Navistar for $44.50 per share, CNBC’s David Faber report, citing people close to the negotiations. Carl Icahn and Mark Rachesky support the deal, which still needs formal approval, but has been agreed to verbally, Faber adds.
Traton, owned by Volkswagen (VWAGY), is conducting last-minute discussions with Navistar (NAV) to save a $3.6B takeover deal ahead of the approaching 6 p.m. deadline, Bloomberg reported, citing people familiar with the matter. The boards are discussing whether they can reach a price compromise or extend the deadline for the proposed deal. This comes after Traton put out a statement on October 14 saying that its $43 per share offer will be withdrawn unless it’s notified of a willingness to proceed. Source: https://www.bloomberg.com/news/articles/2020-10-16/traton-navistar-said-to-hold-last-minute-talks-to-salvage-deal
Volkswagen’s (VWAGY) Traton unit said that it informed Navistar International Corporation (NAV) that Traton’s September 10, 2020 offer of $43 per share in cash for all outstanding shares of common stock of Navistar not already owned by Traton would expire if not accepted by Friday, October 16, 6 pm CET. Source: https://traton.com/en/newsroom/press_releases/press_release_14_10_2020.html