Management

Traton Proposes to Acquire Outstanding Shares of IC Bus Parent Navistar

Posted on January 31, 2020
Navistar confirms it has received an unsolicited proposal from Traton SE to acquire the company for $35 per share. Shown here is the IC Bus RE Series
Navistar confirms it has received an unsolicited proposal from Traton SE to acquire the company for $35 per share. Shown here is the IC Bus RE Series

LISLE, Ill. — Navistar International Corp., the parent company of IC Bus, has confirmed that it received an unsolicited proposal on Thursday from Traton SE to acquire the company for $35 per share.

Navistar stated in a news release that its board of directors, in consultation with its financial and legal advisors, will review and evaluate the proposal from Traton, a subsidiary of Volkswagen, in the context of Navistar’s strategic plan for the company to determine the course of action that it believes is in the best interest of the company and its stakeholders.

Navistar also advised its shareholders in the news release to take no action and stated that no shareholder vote is required at this time.

“There can be no assurance that any negotiations between Navistar and Traton regarding this proposal will take place, and if such negotiations do take place, there can be no assurance that any transaction with Traton will occur or be consummated,” according to Navistar. “Navistar does not intend to make any additional comments regarding the proposal unless and until it is appropriate to do so or a formal agreement has been reached.”

As School Bus Fleet previously reported, in 2016, Navistar formed a wide-ranging strategic alliance with Volkswagen Truck & Bus, which was renamed Traton in 2018. The Volkswagen subsidiary took a 16.6% stake in Navistar, invested $256 million in the company and gained the right to appoint two directors to Navistar's board. The alliance also included agreements for strategic technology and supply collaboration, as well as a procurement joint venture.

Traton and Navistar's strategic alliance has “delivered significant value to both companies through increased purchasing power and the integration of new technologies,” according to a news release from Traton.

Related Topics: IC Bus, Navistar, Volkswagen (VW)

Comments ( 0 )
More Stories
Article

6 New School Bus Shop Tools

A mobile app that offers engine software updates, vertical rise vehicle lifts, and battery technology that can reduce emergency repairs are some of the latest products designed to boost shop efficiency.

Albin J. Weiler, a longtime school bus driver, wrote "Driven to Learn," which details his experiences and those of his fellow drivers and includes pupil transportation tips. Photo courtesy Ron Humphrey, Windjammer Adventure Publishing
News

Ohio School Bus Driver Publishes Book

“Driven to Learn,” written by Albin J. Weiler, details his experiences and those of his fellow drivers behind the wheel and includes pupil transportation lessons and tips.

The auto-reversing door feature is available on all versions of the Saf-T-Liner C2 (shown here) and allows the front entry doors to reopen automatically if they sense an object or obstruction in the doorway. Photo courtesy Thomas Built Buses
News

Thomas Built Buses Debuts Auto-Reversing Doors

The feature is available on all versions of the school bus manufacturer’s Saf-T-Liner C2 and allows the front entry doors to reopen automatically if they sense an object or obstruction in the doorway.

HopSkipDrive has raised $22 million to expand its operations, which provide customized transportation service to children. The company has also launched its operations in Las Vegas. Photo courtesy HopSkipDrive
News

HopSkipDrive Raises $22M, Expands Operations

The funding will be used to expand HopSkipDrive's operations, which provide customized transportation service to children. The company also launches its service in Las Vegas.

Be the First to Know

Get the latest news and most popular articles from SBF delivered straight to your inbox. Stay on top of the school bus industry and don't miss a thing!

We respect your data and privacy.
By clicking the submit button below, you are agreeing with Bobit Business Media’s Privacy Policy and this outlined level of consent.