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Fly News Breaks for January 31, 2020
VWAGY, NAV
Jan 31, 2020 | 11:15 EDT
As previously reported, Baird analyst David Leiker downgraded Navistar (NAV) to Neutral from Outperform with an unchanged price target of $35 following Thursday night's $35-per-share, or $7.2B total enterprise value, acquisition offer from Volkswagen's (VWAGY) Traton unit. In a research note titled "No Surprise - TRATON Offers to Buy Navistar," the analyst said he felt this transaction was "inevitable" since Volkswagen purchase a ~17% stake in Navistar back in 2016. Leiker added that another buyer "seems unlikely," but said that a second bidder could emerge, with only Iveco or a Chinese OEM being logical candidates. Leiker noted that Traton's release stated that it "would not, in its capacity as a stockholder, support an alternative transaction." In late morning trading, shares of Navistar are higher by almost 55% to $37.30, while shares of Volkswagen are down just over 1% to $18.31.
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