Navistar Sets Plan to Avoid Potential Takeover
Navistar International Corp. said Wednesday it set a plan to “deter coercive takeover tactics” and prevent hostile investors from taking control of the company.
Implementing what’s known as a “poison pill” plan in financial circles, Navistar said one preferred stock purchase right will be distributed as a dividend on each share of the company’s common stock as of June 29.
Hedge fund manager Mark Rachesky last week disclosed he controls a 13.6% stake in the truck maker, while his former mentor, billionaire investor Carl Icahn, owns 11.9%, Bloomberg reported.
