RYE, N.Y. — Navistar International shareholders have voted in favor of the removal of Navistar’s “poison pill,” a tool public companies use to fend off takeovers.
Navistar says 73.5 per cent of shareholders at its annual meeting agreed to the proposal to remove the poison pill.
The proposal was put on the meeting agenda by Gabelli Asset Management, Navistar’s second biggest shareholder. Gabelli holds about 8.6 per cent of its shares.
As reported by Trucknews.com last month, volatile trading of Navistar International’s stock and the announcement that Gabelli was interested in abolishing the poison pill, had renewed speculation that it may be a takeover target.