Navistar International Corp. has announced today that they have adopted a stakeholder plan that will prevent corporate investors from buying enough shares to force the company to change management, sell or even file for bankruptcy.
Navistar, which has a plant in Springfield with around 800 employees, is in turmoil after major second quarter losses attracted two major activist investors looking to make a takeover.
Mark Rachesky, an activist investor, has acquired 13.6 percent of Navistar’s shares — while former mentor and fellow activist investor Carl Ichan follows closely at 12 percent.
Navistar plans to allow shareholders of record as of June 29 to buy shares at a discounted rate if either investor reaches 15 percent of the shares, which national analysts say would make the company more difficult to be acquired by one party.
Recently Navistar has made major strides locally, hiring for the first time in nearly a decade. More than 100 people have been hired full-time or as temporary workers since the beginning of the year.
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