Icahn gives up bid for Oshkosh Corp.
OSHKOSH - Billionaire investor Carl Icahn has given up his effort to buy the Oshkosh Corporation. He recently set a deadline of yesterday to get at least 25-percent of the company's shares in a tender offer - but he fell short at 22-percent.
Icahn is known for snapping up shares of struggling companies and creating shake-ups - sometimes with good results and sometimes not. He previously claimed that Oshkosh - which makes military, construction, and municipal vehicles - needed a new strategy and new management. But Icahn said he would quote, "move on to other endeavors" if a quarter of the company's stock was not tendered to him. He said the 25-percent tender level would have shown that he has enough investor support for his proposals. And it would have justified extending his offer of 32.50-a-share until the company's annual stockholders' meeting next year.
By mid-morning today, Oshkosh stock dropped by four-point-seven percent or almost a-dollar-and-a-half per share.