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Investor concerns drive Navistar vote; Pursuing flexibility to maximize value as market slows.(Navistar International Corp.)(Brief Article)
Crain's Chicago Business, March, 2001 by ARNDORFER, JAMES B.
Navistar International Corp. CEO John Horne wants to talk about new trucks, but shareholders are more interested in the company's takeover defenses. At the recent annual meeting of the struggling Chicago-based truck and engine maker, Mr. Horne extolled Navistar's latest line of mid-sized trucks and a joint venture with Ford Motor Co.
But shareholders voted overwhelmingly in favor of a resolution calling on the company's board to repeal a ``poison pill'' provision designed to deter unwanted overtures. The measure was sponsored by Mario Gabelli, CEO of New York-based Gabelli Asset Management Inc., which owns of 5.1 million Navistar shares, or 8.6% of the total outstanding. He calls the poison pill a ``Berlin Wall'' blocking any chance of a buyout that might...
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