Icahn Going After Oshkosh Again
Activist investor Carl Icahn said in a statement today that he will make a tender offer of $32.50 per share in cash for the outstanding shares of Oshkosh Corp. (NYSE: OSK). Icahn owns about 9.5% of the company and was…
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Trading was briefly halted in Oshkosh shares following Icahn’s announcement.
A back-of-the-envelope calculation makes Icahn’s total offer worth in the neighborhood of $2.7 billion if all the outstanding shares are tendered. At the coming annual meeting of Oshkosh shareholders, Icahn said he would once more offer a slate of candidates for election to the board.
Icahn’s tender offer is not subject to due diligence or financing, but is subject to the election of Icahn’s nominees to Oshkosh’s board. The tender offer will be good for 45 days once it has officially started.
Shares of Oshkosh are up more than 15% after trading resumed, at $30.93 in a 52-week range of $17.80 to $31.30.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.