Why Navistar Stock Roared Ahead 21% Today
Volkswagen's (OTC: VWAGY) acquisition of Navistar International (NYSE: NAV) is back on. Navistar stock gained on the news this morning, up 21% as of 10:40 a.m. EDT.
Two days ago, the German automaker's deal to acquire the American truck maker appeared to be on the rocks. Volkswagen had sent Navistar a letter warning it to essentially put up or shut up -- quit complaining about the price and accept the $43-a-share bid offered by Volkswagen subsidiary Traton by the Oct. 16 deadline, or see Traton withdraw the offer.
Today, Navistar sent a letter to Traton in response, saying that it's prepared to accept an offer of $44.50 per share for all of its shares outstanding.
Source Fool.com
