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
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.

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