Navistar Won't Reply to Investors

Navistar International Corp. said it is not planning to respond to demands from an investor group that it sell all or part of its holdings to counter the company’s flagging stock price.

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Despite that, the leader of the group said this week that he was satisfied with the results of the group’s action so far.

“The stock is performing nicely now,” said Herbert A. Denton, president of Providence Capital, an investment banking firm in New York.

While the investor group commands attention because it holds a hefty chunk of Navistar stock, there is little it can do to force the board to act.

For the full story, see the Aug. 7 print edition of Transport Topics. Subscribe today.