Home Truck News Navistar rejects latest Traton offer, but opens door to talks - Truck...

Navistar rejects latest Traton offer, but opens door to talks – Truck News

LISLE, Ill., Sept. — Navistar International has rejected a revised takeover bid from Traton SE, saying on Monday that its US$43 per share proposal significantly undervalues the company.

The truck and bus division of Volkswagen AG already owns 16.8% of Navistar.

Last week the company sweetened its previous offer of $35 per share, hoping that Navistar board of directors would approve it.

While rejecting the offer, Navistar said it is open to further negotiations.

“Navistar’s board of directors, after careful consideration with the assistance of its financial and legal advisors, has unanimously concluded that while Traton’s revised proposal of $43 per share significantly undervalues the company and substantial synergies from a combination, it does represent a starting point for further exploring the possibility of a transaction.”

It noted that Traton has developed a strong strategic relationship with the company in recent years.

Traton
Photo: Traton SE

“And, in light of the 23% increase in their proposal, the board believes the best way for Traton to appreciate the true value of a potential combination is to allow it to conduct due diligence and engage in further synergy discussions with the company.”

It said it does not intend to make any additional comments regarding the proposal.

Credit: Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Honda to demonstrate Class 8 hydrogen fuel cell truck – Truck News

Honda is bringing a Class 8 hydrogen fuel-cell-electric conept truck to ACT...

Don't Get Too Excited About Toyota’s First Electric Pickup Truck – Gear Patrol

Don't Get Too Excited About Toyota’s First Electric Pickup Truck  Gear Patrol Credit: Source link

Honda believes hydrogen semi trucks will make the case for fuel cells – Digital Trends

Honda believes hydrogen semi trucks will make the case for fuel cells  Digital Trends Credit: Source link

ECONOMIC TRUCKING TRENDS: Freight recession to end in September, Motive predicts – Truck News

Preliminary trailer order numbers for April show a sluggish market, and buyers...

Volvo and Daimler create JV to enhance digital capabilities – Truck News

Rivals Volvo Group and Daimler Truck have agreed to form a joint...