Nov 16 (Reuters) - Specialty truckmaker Oshkosh Corp , which last month rejected a takeover bid from activist shareholder Carl Icahn, on Friday said it increased its share repurchase program to 11 million shares from a previously announced 7.2 million.
The new amount represents about 12 percent of the company’s outstanding shares.
Oshkosh also said it plans to step up the pace of repurchases. It plans to buy up to $300 million of shares over the next 12 to 18 months, starting with at least $75 million over the next three months.
Since July, when it said it would repurchase 7.2 million shares, it has bought about 550,000 shares valued at about $13.4 million.
The company plans to fund the purchases with cash on hand and expected cash flow from operations.
Oshkosh shares were up 0.8 percent in mid-morning trading at $27.30 on the New York Stock Exchange.