Traton says revised takeover bid for Navistar expires on Friday, Auto Information, Automobilnews
FRANKFURT: Volkswagen’s truck unit Traton mentioned on Wednesday its revised takeover bid of $43 per share for U.S. truck maker Navistar Worldwide Corp will expire on Oct. 16, if not accepted by then.Shares of Navistar fell as a lot as 21.3% to over one-month low of $35, following the information.
Final month, Traton raised its January bid by $8 per share to $43 per share, however Navistar rejected the proposal, saying it considerably undervalued the corporate.
“Our findings in due diligence lead us to imagine that our value of $43 per share absolutely values the corporate,” Traton on Wednesday mentioned in a letter addressed to Navistar’s board.Traton has struggled to win over Navistar’s largest shareholder, billionaire activist Carl Icahn, whose fund held 16.8% stake within the U.S. truck maker, as of June 30, in keeping with Refinitiv Eikon Information.
Icahn’s share is barely barely greater than Traton’s father or mother Volkswagen, which owned about 16.7% of Navistar’s inventory as of Sept. 10.
The German automaker made a $35 per share provide in January to extend its stake in Navistar above the 16.6% it purchased in 2016, however didn’t safe a majority stake.
Icahn and two different activist funds, Mark Rachesky’s MHR Fund Administration and Gabelli Funds, collectively personal about 40% of Navistar’s shares, in keeping with Refinitiv knowledge.