Deals
Navistar Plunges on VW’s Traton Putting Deal in Jeopardy
- Truckmaker says ‘best and final offer’ expires on Friday
- Shares of U.S. manufacturer fall to price offered in January
Photographer: Christopher Dilts/Bloomberg
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Volkswagen AG’s heavy-truck division set a deadline for Navistar International Corp. to accept its takeover bid, dousing hopes for a richer offer than the $3.6 billion dangled last month.
VW’s Traton SE unit said that its $43-a-share offer expires at 6 p.m. Central European Time on Friday and will be withdrawn unless it’s notified of a willingness to proceed. Navistar signaled last month it would seek a higher bid than what Traton offered.