Billionaire investor Carl Icahn plans to make an unsolicited bid for truck maker Oshkosh Corp. that values the company at almost $3 billion. Icahn says he also plans to nominate his own slate of directors in a bid for control of the company.
The activist investor said Thursday that he will make a tender offer worth $32.50 per share in cash, a 21 percent premium over Oshkosh’s latest closing price.
Icahn had sought seats on the board unsuccessfully last year. He said management has taken a passive attitude toward the company’s future and wants it to be more active. He said he already owns about a 10 percent stake in the company.
Oshkosh asked its shareholders to take no action on the offer until the board reviews it. The company, based in Oshkosh, Wis., makes fire and emergency vehicles, commercial equipment such as cement mixers and natural gas tankers, military vehicles such as tactical and assault trucks, and access products including scissor lifts, towing equipment, and aerial work platforms.
JOIN THE DISCUSSION | Register here
We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules. A thorough explanation of rules of conduct can be found in our Terms of Service. If you have any questions, including why your comment may not be showing immediately after you submit it, be sure to visit the commenting FAQ.