Traton’s interest in acquiring Lisle, Illinois, truck manufacturer Navistar not only survived a global pandemic, it heated up.
Volkswagen’s commercial truck arm, which already holds 16.8% in the maker of International Trucks, in January offered $35 a share to acquire the rest of the company. Barely a month later, coronavirus put talks on hold and the economic fallout from COVID-19 battered both companies’ stock prices.
On Thursday, Traton bumped its offer to $43 per share.
Navistar, confirming receipt of the increased offer, said via statement released Thursday that its 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.”
