Oshkosh Rebuffs Icahn's Buyout Offer

OSHKOSH, Wis. (AP) --€” Oshkosh (NYSE: OSK  ) rejected a buyout offer from billionaire investor Carl Icahn on Friday.

The Wisconsin truck maker said that Icahn's tender offer of $32.50 per share undervalued the company and was not in the best interest of shareholders.

Shares in Oshkosh Corp. rose up $0.17 to $29.91 in morning trading.

The company's board unanimously recommended stockholders reject Icahn's offer and not tender any of their shares.

"If Mr. Icahn had proposed an alternative that created greater value than the company's current strategy, the board would have been open to exploring that alternative," said Oshkosh Chairman Richard Donnelly. "However, he has failed to do so,"

Earlier this month Icahn said he planned an unsolicited bid that valued Oshkosh at almost $3 billion, and said he would nominate a competing slate of directors in a bid for control of the company. Icahn is Oshkosh's largest stakeholder and also nominated his own directors to the board in 2011.

Oshkosh also reported Friday that its fiscal-fourth-quarter net income more than doubled to $78.9 million, or $0.86 per share, compared with $37.5 million, or $0.41 per share, a year earlier.

Excluding restructuring charges and other items, earnings from continuing operations were $0.65 per share.

Revenue for the three months ended Sept. 30 slipped 2% to $2.06 billion from $2.11 billion on lower sales in the defense segment.

Analysts polled by FactSet forecast earnings of $0.46 per share on revenue of $1.97 billion.

The company still expects to approximately double its adjusted earnings from continuing operations from fiscal 2012 to $4 to $4.50 per share by fiscal 2015.

Read/Post Comments (0) | Recommend This Article (1)

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.

Compare Brokers

Fool Disclosure

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: 2079136, ~/Articles/ArticleHandler.aspx, 10/23/2016 2:16:02 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...

Today's Market

updated 1 day ago Sponsored by:
DOW 18,145.71 -16.64 -0.09%
S&P 500 2,141.16 -0.18 -0.01%
NASD 5,257.40 15.57 0.30%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/21/2016 4:02 PM
OSK $53.53 Up +0.64 +1.21%
Oshkosh Corporatio… CAPS Rating: ***