Navistar International Corporation issued a response from its Board of Directors to the letter it received from TRATON SE on October 14.
Following discussions between Navistar and TRATON, Volkswagen AG's commercial truck division, Navistar's Board of Directors confirmed that it would be prepared to move forward with a transaction in which TRATON would acquire Navistar for $44.50 per share in cash. In a letter to TRATON, Navistar's Board asked TRATON to confirm that a price of $44.50 per share is a basis for finalization of definitive agreements. Navistar's Board confirmed that an offer of $44.50 per share has the support of Navistar's two largest shareholders.
The full content of the letter submitted to TRATON is attached: https://mma.prnewswire.com/media/1314400/Navistar_Letter_to_Traton_10_16_2020.pdf?p=pdf.
JP Morgan and PJT Partners are acting as Navistar's financial advisors. Sullivan & Cromwell LLP is providing legal counsel. Brunswick is providing communication counsel.