Navistar International Corporation confirmed that it has received an unsolicited proposal from VW's Traton SE regarding a potential transaction to acquire the company for $35 per share in cash.

Consistent with its fiduciary duties, Navistar's Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the proposal in the context of Navistar's strategic plan for the company in order to determine the course of action that it believes is in the best interest of the company and its stakeholders. Navistar advises its shareholders to take no action, and no shareholder vote is required at this time.

There can be no assurance that any negotiations between Navistar and Traton regarding this proposal will take place, and if such negotiations do take place, there can be no assurance that any transaction with Traton will occur or be consummated. Navistar does not intend to make any additional comments regarding the proposal unless and until it is appropriate to do so or a formal agreement has been reached.

If Navistar does accept Traton's proposal, they will be taking over Navistar in the midst of a shift. In December, Navistar announced they would be reducing employment by 10 percent and cutting their 2020 revenue forecast to a range from $9.25 billion to $9.75 billion.