⁍ Traton 8TRA.DE raised its offer for Navistar to $43 per share last month.
⁍ Shares in Navistar rose 20% to $42.65 after the latest demand.
⁍ In September, Traton raised its initial $35 per share bid by $8 per share.
– German truck maker Traton has been trying to buy US peer Navistar for months, and on Friday it ran out of time. Navistar issued an ultimatum to Volkswagen’s truck unit, demanding it increase its bid to $44.50 per share, reports Reuters. The demand sent shares in Navistar up 20% to $42.65. Volkswagen owns about 16.7% of Navistar, but billionaire investor Carl Icahn has been trying to convince Navistar’s board to accept the bid.
Source: https://www.reuters.com/article/us-navistar-intl-m-a-traton-de/navistar-demands-vws-traton-hike-takeover-bid-to-4450-per-share-idUSKBN27122J