Oshkosh shares jump after Icahn overture to management
NEW YORK (Reuters) - Oshkosh Corp (OSK.N) shares jumped more than 8 percent in extended trade after Carl Icahn said he wants to meet with the specialty truck maker's management to discuss enhancing shareholder value.
Icahn, a billionaire investor who has agitated for big changes at companies in the past, held 9.51 percent of the company's shares as of June 20, according to a filing with the Securities and Exchange Commission.
Oshkosh shares were trading at $31.35 in after-hours dealings. They jumped as high as $31.92, or more than 10 percent, after closing at $28.90 on the New York Stock Exchange.
Enhancing shareholder value is a term frequently used to indicate that a company could make major changes to its business to boost its stock price.
The company, which makes everything from tactical vehicles for the military to fire and emergency equipment and cement mixers, in April cut its defense segment outlook on U.S. defense spending pressures and strained municipal budgets that curbed demand for its products.
The share price had been as high as $40.11 in early February.
Thursday's closing price was nearly down 17 percent year-to-date, in contrast with a 5 percent gain in the S&P 500 index .SPX
Calls to Oshkosh were not immediately returned.
(Reporting by Lynn Adler. Editing by Robert MacMillan, Bernard Orr)
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'