logo
  Join        Login             Stock Quote

Oshkosh (OSK) Encourages Shareholders to Ignore Icahn’S Last Minute Plea

 November 29, 2012 01:00 PM
 


(By Balachander) Oshkosh Corp. (NYSE: OSK) wants its shareholders to ignore Carl Icahn's last minute plea to support what Oshkosh calls a highly conditional, inadequate and opportunistic offer.

Earlier in the day, billionaire investor Icahn issued a statement regarding the tender offer for the maker of specialty vehicles and vehicle bodies for $32.50 per share, which expires on December 3, 2012.

Icahn, who owns more than 9 percent of Oshkosh, made the $32.50 a share offer for the company in October.

Wisconsin-based Oshkosh, which makes heavy duty vehicles under Oshkosh, JLG and Pierce brands, reported a 36 percent drop in profit through the first nine months due to declines at its military-vehicle unit.

[Related -Russia Upsets The Potash Cart]

In August, Icahn urged Oshkosh to spin off JLG, which it acquired in 2006 for $3 billion.

Activist investors such as Icahn acquires significant stakes in target companies, and seeks board change, divestiture or spin-off of operations to enhance shareholder value.

"If we do not receive tenders of at least 25 percent of the outstanding shares by the expiration of the offer on December 3rd, we will respect the shareholders' wishes, drop our tender offer and proxy fight and move on to other endeavors," Icahn said on Thursday.

Icahn said he believes that it is mandatory that JLG be separated from the remainder of the Oshkosh assets, something that the company apparently is not willing to do.

"Icahn continues to pursue flawed and ever-changing platforms, devoid of credible ideas or analysis," Oshkosh said on Thursday. "We believe that our track record and forecasted outlook speak for themselves and encourage shareholders not to tender their shares into Icahn's inadequate offer." 

[Related -Carl Icahn'S Latest Dividend Stock Buys And His Biggest Portfolio Holdings]

Shares of OSK fell 2.07 percent to trade at $30.77 on Thursday. Over the past year, the stock has been trading between $18.49 to $31.65.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChipotle Mexican Grill, Inc. (CMG) Q2 Earnings Preview: Will Higher Traffic Offset Higher Costs the Key

Chipotle Mexican Grill, Inc. (NYSE:CMG) will host a conference call to discuss second quarter 2014 read on...

article imageNetflix, Inc. (NFLX) Q2 Earnings Preview: The Ruby Month for a Reason

Netflix, Inc. (NASDAQ:NFLX) will post its second-quarter 2014 financial results and business outlook on its read on...

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Good Day For Wall Street Despite AAPL
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.