Icahn Ends Oshkosh Bid
Investor Carl Icahn has abandoned his effort to acquire control Oshkosh Corp. after shareholders tendered fewer shares than he had hoped for.
In his latest attempt to take control of the company, Icahn had offered shareholders $32.50 per share, a 21% premium from the share price at the time of the bid, which was late October. Icahn had aimed to acquire 25% of the company’s outstanding shares, which would have given him greater leverage to restructure the company’s board of directors, which had advised shareholders to reject Icahn’s offer.
But as of Dec. 3, only 22% of the outstanding shares had been tendered, below Icahn’s threshold. As a result, Icahn said he was not extending his $2.98 billion bid. He remains the company’s largest single shareholder at 9.5%.
It was Icahn's second attempt at getting control of Oshkosh, a manufacturer of military vehicles, specialty vehicles and aerial lift equipment. In 2011, he sought shareholder approval for a group of new directors expected to be more allied with Icahn, who has proposed a number of moves for Oshkosh including the sale of its JLG subsidiary.Edit Module