LISLE, Ill., Sept. 14, 2020 /PRNewswire/ -- Navistar
International Corporation (NYSE: NAV) today issued a statement from
its Board of Directors regarding the revised proposal from TRATON
SE.
Navistar's Board of Directors, after careful consideration with
the assistance of its financial and legal advisors, has unanimously
concluded that while TRATON's revised proposal of $43.00 per share significantly undervalues the
Company and substantial synergies from a combination, it does
represent a starting point for further exploring the possibility of
a transaction. TRATON has developed a strong strategic relationship
with the Company in recent years, and, in light of the 23% increase
in their proposal, the Board believes the best way for TRATON to
appreciate the true value of a potential combination is to allow it
to conduct due diligence and engage in further synergy discussions
with the Company.
Navistar does not intend to make any additional comments
regarding the proposal, its engagement with TRATON, or the due
diligence process unless and until it is appropriate to do so, or a
formal agreement has been reached.
JP Morgan and PJT Partners are acting as Navistar's financial
advisors. Sullivan and Cromwell is providing legal counsel.
Brunswick is providing communication counsel.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company
whose subsidiaries and affiliates produce International®
brand commercial trucks, proprietary diesel engines, and IC
Bus® brand school and commercial buses. An affiliate
also provides truck and diesel engine service parts. Another
affiliate offers financing services. Additional information is
available at www.Navistar.com.
Forward-Looking Statements
Information provided and
statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E
of the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements only speak as of the date of this press
release and Navistar International Corporation (the "Company")
assumes no obligation to update the information included in this
press release. These forward-looking statements include information
regarding an unsolicited acquisition proposal. These
statements regarding the proposal are not guarantees of performance
or results and are subject to a variety of known and unknown risks,
uncertainties, assumptions and other factors that are difficult to
predict and many of which are beyond the control of the management
team of the Company. An extensive list of factors that can
affect future results of the Company are set forth in our filings
with the Securities and Exchange Commission, including our annual
report on Form 10-K for the fiscal year ended October 31, 2019 and our quarterly report on Form
10-Q for the quarter ended April 30,
2020. Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many
factors that could affect our actual results to differ materially
from those in the forward-looking statements. All future written
and oral forward-looking statements by us or persons acting on our
behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to above. Except for our ongoing
obligations to disclose material information as required by the
federal securities laws, we do not have any obligations or
intention to release publicly any revisions to any forward-looking
statements to reflect events or circumstances in the future or to
reflect the occurrence of unanticipated events.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/navistar-board-of-directors-issues-statement-regarding-revised-proposal-from-traton-301129994.html
SOURCE Navistar International Corporation