Icahn Enterprises Holdings, the investment vehicle of famous activist investor Carl Icahn, announced today that its bid to acquire Oshkosh Corp. (NYSE:OSK) has failed.

Icahn Enterprises Holdings had made a tender offer for the truckmaker, inviting shareholders to tender their shares for purchase at an offer price of $32.50 per share. However, as of midnight last night, only 22% of Oshkosh investors had responded to the offer, which was fewer than the 25% that Icahn Enterprises Holdings made the offer contingent upon.

Oshkosh's board had advised shareholders against the offer, calling Icahn's offer "inadequate and opportunistic" just last week.

Consequently, Icahn Enterprises Holdings says it has allowed its tender offer to expire, has purchased none of the shares tendered, and will promptly return tendered shares to their owners. Oshkosh shares closed yesterday at $30.10 and were at $28.90 around 1:30 p.m. today, a 4% drop.

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