Stock Alert: Navistar International Shares Surge On Takeover Bid

(RTTNews) - Shares of truck maker Navistar International (NAV) are gaining more than 55 percent in morning trade on Friday, at $37.38. The stock has been trading in a range of $21.32 to $39.52 in the past 52 weeks.

On Thursday, Navistar said it has received an unsolicited proposal from Traton SE, a subsidiary of the Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE), to acquire the company for $35 per share in cash. Navistar said its Board, will review the proposal and advised its shareholders to take no action.

Traton already holds a 16.8 percent stake in Navistar. If the proposal is accepted, Traton will become the sole owner of Navistar. Traton said Volkswagen has signaled its general intention to provide funds for the financing of an offer.