Navistar Deals With Icahn, Rachesky To Avoid Proxy Fight

Law360, New York (July 15, 2013, 3:49 PM EDT) -- Navistar International Corp. amended agreements with Carl Icahn and Mark Rachesky on Monday, letting the activist shareholders appoint two directors each at the truck maker's next annual meeting in return for a promise not to seek control of the board.

The amendments tweak a deal reached in October, when the company ceded three seats to Icahn and Rachesky, a former Icahn lieutenant who launched an activist fund of his own in 1996. To make room for the extra board member, director John Pope, who was mutually...
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