Navistar International (NYSE: NAV) shares are trading sharply higher on Friday after the company announced it has received an unsolicited proposal from Traton SE regarding a potential transaction to acquire the company for $35 per share in cash.
Traton SE is the commercial vehicles division of Volkswagen (OTC: VLKAY) and already holds a share of 16.8%. The company has made a proposal to acquire all outstanding shares in Navistar.
Navistar shares were trading up 55.38% at $37.40 in Friday’s pre-market session. The stock has a 52-week high of $39.52 and a 52-week low of $21.32.