Exhibit 12
October 16, 2020
TRATON SE | Dachauer Strasse 641 |
80995 Munich | Germany
Board of Directors Navistar International Corporation 2701 Navistar Drive Lisle, IL 60532 USA
|
Chairman of the supervisory board:
Hans Dieter Pötsch
Executive Board:
Matthias Gründler (Chairman)
A. Roberto Cortes Henrik Henriksson
Christian Levin
Christian Schulz
Dr. Ing. h.c. Andreas
Tostmann
TRATON SE
Registered seat:
Munich / Germany
Registration court:
Amtsgericht München
Commercial register
HRB no. 246068
| Attention: | Troy A. Clarke |
| Executive Chairman |
Subject: Confirmation of proposal
Dear Troy
Thank you for your letter of this morning.
We are pleased to confirm that $44.50 per share in cash for Navistar shares is an acceptable basis for finalization of definitive agreements. We will be making a public announcement confirming that our previously announced deadline is no longer in effect, and that we intend to work with Navistar towards prompt finalization of the transaction. We also appreciate your confirmation that your two major stockholders are supportive of this transaction.
For the sake of clarity, we note that the proposal in this letter is an expression of intent only, and shall not create any legally binding obligations. No such obligations shall arise unless and until completion of our necessary preparations for finalization of the deal (which includes certain due diligence matters) and execution and delivery of mutually acceptable definitive documentation by the parties thereto.
Very truly yours,
| Best Regards, | |||
| /s/ Matthias Gründler | /s/ Christian Schulz | ||
| Matthias Gründler, CEO | Christian Schulz, CFO | ||
