What happened All year long, Germany's Volkswagen (OTC: VWAGY) has been trying to buy America's Navistar International (NYSE: NAV) truck company in an international merger. In January, Volkswagen offered to pay $35 for each outstanding share, sending Navistar stock soaring. Then last month, Volkswagen hiked its bid to $43 a share, sending Navistar stock up another 20%. Today though, Navistar is in full-speed reverse, rolling downhill 18.5% as of 12:20 p.m. EDT. Why? Image source: Getty Images. So what Basically, the story goes like this: Volkswagen has offered $43 a share, but according to sources interviewed by The New York Post, Navistar activist shareholder Carl Icahn wants Volkswagen to up its bid to $50, while other shareholders are apparently asking for as much as $70 a share. Volkswagen, however, isn't budging. In a press release published by its Traton subsidiary (the vehicle that will actually make the acquisition if it proceeds) today, Volkswagen warns that unless Navistar shareholders agree to its $43 offer by close of business on Oct. 16, Traton will withdraw its offer and not buy Navistar at all. Now what Oct. 16 is just two days away. That doesn't leave Navistar's shareholders a lot of time to make up their minds, but unless they do -- and unless they agree to Volkswagen's price -- Navistar stock risks giving up all of the gains it got from Volkswagen's original January offer, and its raised offer in September, too. Volkswagen's playing hardball here, and Navistar shareholders are at real risk of striking out. 10 stocks we like better than Navistar InternationalWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Navistar International wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source