Navistar set to be acquired by Volkswagen truck unit in $3.7B deal

The announcement of the pending transaction follows a letter from Navistar earlier today stating that its leadership would move forward with the transaction if Traton agreed to purchase the remaining shares for $44.50 per share.

That was instead of an offer of $43 per share in cash that was previously presented by Traton.

Traton first expressed interest in acquiring Navistar in January when it made an offer to buy the shares it did not already own for $35 per share. It later upped its offer to $43 per share in cash in September.

Earlier this week, Traton put a deadline on its offer, stating that Navistar had until this afternoon to respond to the deal, in which representatives of Traton called their “best and final offer.”