Navistar Shareholder OK Traton Acquisition
By Mike Brezonick02 March 2021
Navistar International Corp. 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 $44.50 per share in cash, or approximately $4.7 billion.
Traton, which currently owns 16.7% of Navistar shares, is now close to completing an acquisition process that dates back to the spring of 2017. 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.
Navistar stockholders also voted at the meeting to approve all other proposals, including two non-binding proposals regarding executive compensation arrangements, the election of Navistar directors, and the ratification of Navistar’s independent registered public accounting firm.