OSHKOSH, WI (WTAQ) - Billionaire investor Carl Icahn has given up his effort to buy the Oshkosh Corporation.
He recently set a deadline of Monday to get at least 25 percent of the company’s shares in a tender offer – but he fell short at 22 percent.
Icahn is known for snapping up shares of struggling companies and creating shake-ups – sometimes with good results and sometimes not.
He previously claimed that Oshkosh – which makes military, construction, and municipal vehicles – needed a new strategy and new management. But Icahn said he would, “move on to other endeavors” if a quarter of the company’s stock was not tendered to him.
He said the 25 percent tender level would have shown that he has enough investor support for his proposals. And it would have justified extending his offer of $32.50 a share until the company’s annual stockholders’ meeting next year.
By mid-morning Tuesday, Oshkosh stock dropped by 4.7 percent or almost $1.50 per share.