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American business magnate Carl Icahn offer to acquire Oshkosh Corp. for about $3 billion 1210121.
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Defense News - United States |
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| Friday, October 12, 2012, 08:03 AM | |||
| American business magnate Carl Icahn offer to acquire Oshkosh Corp. for about $3 billion. | |||
Carl
Icahn, the American billionaire activist investor, offered to buy Oshkosh
Corp. (OSK) for about $3 billion, saying management of the military vehicles
supplier has failed to deliver on pledges to improve profitability. The
$32.50-a-share offer is 21 percent more than the Oshkosh, Wisconsin-based
company’s Oct. 10 closing price, Icahn said today in a statement.
Icahn said he intends to nominate directors for election to Oshkosh’s
board at the company’s annual meeting, with his offer conditional
on those directors being elected. |
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 Carl Icahn, the billionaire activist investor, talks about his offer to buy Oshkosh Corp. for about $3 billion, his stake in Navistar International Corp., and his acquisition strategy |
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Oshkosh, which supplies blast-resistant trucks to the U.S. Army and Marine Corps, posted a 66 percent drop in net income last year as its sales shrank with the end of the war in Iraq and the U.S.’s plans to withdraw troops from Afghanistan. Icahn, Oshkosh’s largest investor with a 9.5 percent stake, has criticized the firm’s executives for the poor performance. “Management
has taken a passive attitude to the future of this company, willing to
sit back and watch what happens to the defense, housing and construction
industries,” Icahn said in the statement. “Oshkosh needs proactive
shareholders to bring a proactive management team together to weather
a volatile economy, a shrinking defense industry and a budget constrained
municipal environment.” |
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