|Bid||44.12 x 1300|
|Ask||44.40 x 1200|
|Day's Range||44.08 - 44.18|
|52 Week Range||15.01 - 45.25|
|Beta (5Y Monthly)||2.09|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 09, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct 24, 2001|
|1y Target Est||44.50|
Shareholders in leading U.S. truck maker (NAV)have approved the takeover from (8TRA) A long time coming, investor clearance for the acquisition paves the way for the German trucking giant to speed into the U.S. market at a deal that prices Navistar shares higher than they have been in more than three years. Investors cheered the approval, with Traton stock climbing 2.5% higher and shares in (VOW3) which owns the majority of Traton, surging near 5%. Traton, a spinoff of Volkswagen that went public in 2019, already owns 17% of Navistar.
The merger of Navistar International Corp. (NYSE: NAV) and Volkswagen AG's (OTC: VWAGY) TRATON Group drew closer Tuesday when Navistar shareholders approved being bought out for $44.50 per share. TRATON prepared for the vote by transferring its 16.7% stake in Navistar to a U.S. subsidiary that could assume Navistar's NYSE seat after the merger closes in mid-2021 pending regulatory approvals. Navistar will be delisted shortly after the closing, a company spokeswoman said. The vote in favor of the long-speculated $3.7 billion takeover was not immediately known. Navistar said it would file the vote totals with the U.S. Securities and Exchange Commission. After taking its stake in Navistar in September 2016 and forming partnerships in engines and purchasing, Volkswagen Truck & Bus vacillated over whether to buy out the Lilse, Illinois-based truck maker. VW spun out its truck businesses — Scania, MAN and a Braziian subsidiary — into a holding company in 2019. Speculation renewed that a Navistar buyout was coming. But TRATON remained coy. From vacillation to unsolicited bid In January 2020, TRATON made an unsolicited offer of $2.9 billion for the 83% of the Navistar shares it did not already own. The onset of the COVID pandemic delayed serious talks until fall. After counteroffers, TRATON agreed to pay $3.7 billion. Truck Talk in your mailbox every Friday. Subscribe here. The acquisition gives TRATON access to the U.S. market where its major competitors, Daimler Truck and Volvo AB, are well established. Market leader Daimler Truck, a subsidiary of Daimler AG, is becoming a standalone company. Navistar is testing the waters by planning to sell Scania mining equipment through International dealers in Canada. "We are still pursuing bringing Scania solutions to the Canadian market and are working through regulatory approvals," the spokeswoman told FreightWaves. "COVID-19 impacted timelines, especially regarding customer meetings and site visits. We're still in the early stages of this project. We've been talking to customers as well as dealers to continue progress." Navistar reports fiscal Q1 earnings on March 9, which is likely to be its final report as a stand-alone company. Navistar's share price has barely moved since the definitive agreement with TRATON in October. It closed Tuesday at $44.25, down 3 cents. Related articles: TRATON and Navistar reach definitive $3.7B merger deal Navistar opening books to TRATON in takeover bid TRATON makes unsolicited $2.9B bid to buy rest of Navistar Click for more FreightWaves articles by Alan Adler. See more from BenzingaClick here for options trades from BenzingaUber Spinning Off Robotic Delivery DivisionHyzon Motors Plans Fuel Cell Material Production Facility Near Chicago© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Navistar International Corporation ("Navistar") (NYSE: NAV), a leading U.S. truck maker, announced that, at its annual meeting of stockholders held today, stockholders approved TRATON's proposal to acquire all of the outstanding common shares of Navistar at a price of USD 44.50 per share in cash. The transaction remains subject to regulatory approvals and the satisfaction of customary closing conditions. Navistar continues to expect that the transaction will be completed in mid-2021.