Deals
Icahn’s Navistar Presses VW to Boost Bid From $3.6 Billion
- U.S. truck maker says it’s being undervalued at $43 a share
- Offer from VW’s Traton seen as a ‘starting point’ for deal
Photographer: Christopher Dilts/Bloomberg
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Navistar International Corp. said a $3.6 billion takeover offer from Volkswagen AG’s heavy-truck business Traton SE significantly undervalues the company, though it wants to engage in further talks.
Traton’s $43-a-share bid for the portion of stock it doesn’t already own represents a “starting point for further exploring the possibility of a transaction,” Navistar said Monday. Its shares rose as much as 3.5% to $43.02 in intraday trading.