Carl Icahn Offers to Buy Oshkosh Corp.

NEW YORK (AP) -- Billionaire investor Carl Icahn plans to make an unsolicited bid for truck maker Oshkosh Corp. (NYSE: OSK  ) 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% premium over Oshkosh's latest closing price.

Icahn had sought seats on the board unsuccessfully last year. He said in a press release that management has taken a passive attitude toward the Wisconsin-based company's future and wants it to be more active.

Oshkosh asked its shareholders to take no action on the offer until the board reviews it. The company said its board will advise shareholders of its position within 10 business days.

The company, based in Oshkosh, Wis., makes fire and emergency vehicles, commercial equipment like cement mixers and natural gas tankers, military vehicles like tactical and assault trucks, and access products including scissor lifts, towing equipment, and aerial work platforms. It reported $6.13 billion in revenue in the first nine months of its current fiscal year.

Its shares gained $3.09, or 11.5%, to $29.94 in afternoon trading after rising as high as $31.30 earlier in the day, its highest price since July 2011. The shares are up 36.6% since July 25, the day before the company's fiscal third-quarter report.

The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2053949, ~/Articles/ArticleHandler.aspx, 12/21/2014 4:18:43 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement