Large Navistar (NAV) Shareholder Owl Creek Discusses Merits Of Merger With Oshkosh (OSK)
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In a 13D filing earlier on Navistar International (NYSE: NAV), hedge fund Owl Creek disclosed a 8.48%, or 6,153,303 share, stake in the company. This is up 0.91% from the 6,097,713 shares held at the end of the latest quarter ending September 30, 2011. In addition, the firm said is has engaged, and expects to continue to engage, in discussions with management, the board of directors, other stockholders of the Company and other relevant parties concerning the business, operations, management, strategy and future plans of the Company.
Althugh the company didn't provide specific, they said discussions centered on recent public comments by Carl Icahn investor about a potential merger with Oshkosh Corporation (NYSE: OSK), another significant Icahn holding.
Owl Creek expressed concerns that if management were to contemplate such a merger, management should consider among other things whether the potential merger partner’s construction and military segments would allow for the creation of sufficiently valuable synergies with the Company to merit such a transaction.
Owl Creek said they made clear to the Company's management that any merger (or other strategic transaction) that could not demonstrate the ability to derive significant value from synergies that would accrue to the benefit of the Company, and not just the acquisition target, would not be in the best interests of the Company’s stockholders.
Owl Creek said during the conversation, they did not receive any material non-public information about the Company, the potential merger partner, any potential merger or other strategic transaction, or otherwise, and the Company did not provide any guidance as to its thoughts about any such potential merger.
As of the date of the filing, Owl Creek said it has not made any conclusions as to the merits of any such potential merger.
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Althugh the company didn't provide specific, they said discussions centered on recent public comments by Carl Icahn investor about a potential merger with Oshkosh Corporation (NYSE: OSK), another significant Icahn holding.
Owl Creek expressed concerns that if management were to contemplate such a merger, management should consider among other things whether the potential merger partner’s construction and military segments would allow for the creation of sufficiently valuable synergies with the Company to merit such a transaction.
Owl Creek said they made clear to the Company's management that any merger (or other strategic transaction) that could not demonstrate the ability to derive significant value from synergies that would accrue to the benefit of the Company, and not just the acquisition target, would not be in the best interests of the Company’s stockholders.
Owl Creek said during the conversation, they did not receive any material non-public information about the Company, the potential merger partner, any potential merger or other strategic transaction, or otherwise, and the Company did not provide any guidance as to its thoughts about any such potential merger.
As of the date of the filing, Owl Creek said it has not made any conclusions as to the merits of any such potential merger.
For more notable holders of Navistar International stock click here.
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