Navistar Trades Higher on Icahn Stake Friday, October 14, 1:30 PM ET
NAV) shares are trading higher today after activist investor Carl Icahn said late yesterday in a regulatory filing that his firm had taken a 9.8% stake in the company.
Icahn's stake in the truck maker amounts to about 7 million shares.
In the filing, Icahn said shares of the company are undervalued, and he has been in discussions with the company's management.
Icahn also owns a stake in fellow vehicle and equipment maker Oshkosh (NYSE:
Icahn is known for taking a large stake in a company, often appointing board members, and attempting to extract value from the company via takeover plans and other methods.
He abandoned an attempt to buyout Clorox (NYSE:
CLX) in September, and gave up activist movements at Lions Gate Entertainment ( LGF) over the summer.
For MarketNewsVideo.com, I'm Kristin Bianco.
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Navistar Trades Higher on Icahn Stake
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