International won’t take poison pill
RYE, N.Y. – Navistar International Inc. shareholders have voted in favor of the removal of termination of a self-imposed “poison pill” – a tool public companies use to fend off takeovers.
Navistar says 73.5 per cent of its 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. n
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.