Dec 4 Activist investor Carl Icahn on Tuesday
abandoned his effort to acquire control of U.S. truck and
military vehicle maker Oshkosh Corp after shareholders
tendered fewer shares than he had hoped for.
Only 22 percent of shares were tendered in his $32.50 per
share offer, less than the 25 percent threshold Icahn had
sought. Icahn, who remains Oshkosh's largest shareholder with a
9.5 percent stake, had said that many shares would have improved
his chances of overhauling the board of the Oshkosh,
"We are returning all tendered shares and we will not extend
the offer," said Icahn, whose offer valued Oshkosh at $2.98
billion and represented a 21 percent premium on the share price
prior to his October bid.
This was Icahn's second run at Oshkosh; a year earlier he
waged an unsuccessful proxy battle, with shareholders rejecting
his slate of directors.