Navistar, the parent company of IC Bus, announced that its stockholders have approved Traton SE’s proposal to acquire all of the company’s outstanding shares.

During Navistar’s annual stockholder meeting on Tuesday, stockholders cleared Traton’s proposal to acquire all of the outstanding common shares of Navistar for $44.50 per share in cash, according to a news release from the company.

As School Bus Fleet previously reported, in 2016, Navistar formed a strategic alliance with Traton, formerly Volkswagen Truck and Bus, in which the company 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.

In September 2020, Traton submitted a proposal to acquire outstanding shares of Navistar for $43 per share in cash — a 23% increase from the $35 per Navistar share that Traton offered in January 2020. The two companies reached a deal after entering into a definitive merger agreement in November, according to a news release from Traton.

The transaction, which Navistar expects to be completed by mid-2021, remains subject to regulatory approvals and the satisfaction of customary closing conditions, according to the company.