GO
Loading...

Enter multiple symbols separated by commas

New Shark Attacks Navistar

That didn’t take long! In a piece Thursday headlined “Sharks Circling Navistar” I noted that the betting is that something has to happen at beleaguered Navistar.

Navistar Logo
Source: Navistar.com
Navistar Logo

A week ago activist Carl Icahn increased his stake to 12 percent from 10 percent. Not to be outdone, in a filing Friday activist Mark Rachesky of MHR Institutional Funds, a former Icahn lieutenant, filed a 13.6 percent stake.

The two battled each other last year in Lionsgate, with Rachesky winning. That makes Rachesky’s arrival on the scene at Navistar that much more interesting: The two now control more than a quarter of the outstanding shares.

Are they pals or rivals in this deal? Rachesky, through a spokesman, declined comment; Icahn couldn’t be reached.

Rachesky, in his filing, said he may seek discussions with Navistar. Last year Icahn tried to push for a merger between Navistar and Oshkosh, in which he holds a 10 percent stake; both make military vehicles.

Oshkosh balked.

No deal. At least not yet.

Questions? Comments? Write to HerbOnTheStreet@cnbc.com

Follow Herb on Twitter: @herbgreenberg

Find Herb on Google+

Subscribe to Herb athttp://www.facebook.com/herb.greenberg

Disclaimer

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Peter Schacknow

    Senior Producer at CNBC's Breaking News Desk.

  • Dominic Chu is a markets reporter for CNBC.

  • Evelyn Cheng

    Evelyn Cheng is a markets writer for CNBC.

  • Sara Eisen

    Sara Eisen is a correspondent for CNBC, focusing on currencies and the global consumer.

Market Strategist Survey