Navistar reviewing revised offer for company’s remaining shares

A subsidiary of Volkswagen has sent a revised proposal to Navistar, upping the price it is willing to pay for the latter's reaming shares. Staff photo by Marshall Gorby
A subsidiary of Volkswagen has sent a revised proposal to Navistar, upping the price it is willing to pay for the latter's reaming shares. Staff photo by Marshall Gorby

A subsidiary of Volkswagen has sent a revised proposal to Navistar, upping the price it is willing to pay for the remaining shares of the truck manufacturer.

TRATON SE is now offering to buy those shares for $43 per share in cash instead of its original offer of $35 per share that was made earlier this year.

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Navistar employs more than 1,000 people in Clark County and has a manufacturing facility in Springfield, which builds medium-duty trucks as well as cutaway vans for General Motors.

Representatives of Navistar said in a news release that their companies board of directors as well as management team are committed “to exploring all avenues to maximize value.”

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The news release added that Navistar’s board will review the revised proposal with the consultation of its advisors to determine the best course of action for the company and its stakeholders.

Representatives of the company also stated that “shareholders do not need to take any action at this time, and there is no assurance that any transaction with TRATON will occur or be consummated.”

Navistar International, this week, reported a net loss of $37 million during a three-month period that ended in July.