Stark's Truck & Off-Highway Ledger reported today that Navistar International obtained a conditional offer from Paccar to acquire all of the Navistar assets at a substantial market premium - news that sent Navistar and Paccar shares up today.
However, Paccar told Reuters that the company "has not made a bid for any portion of Navistar; the speculative story reported in Stark's is not true,'' said Ron Ranheim, Paccar treasurer.
Roy Wiley, a spokesman for Navistar International, told Truckinginfo.com that they "do not comment on rumor or speculation."
Navistar's stock rose $7-11/16 to $37-5/8 Monday on the New York Stock Exchange, while Paccar was up 3/8 at $37-7/16, according to Reuters.
Stark's also reported that after receiving the offer from Paccar, Navistar went to Sweden's Volvo and asked for a competing bid.
Stark's Truck & Off-Highway Ledger said company sources acknowledged to it that Volvo opted not to actively pursue a bid for all of Navistar until the end of this year, when Volvo completes its pending takeover of the Renault's commercial truck-making unit.