OSHKOSH, WI (WTAQ) - Now that Carl Icahn has scrapped his plan to buy the Oshkosh Corporation, the company will end a stock maneuver which could have blocked the purchase.
The company that’s best known for its military vehicles said a “poison pill” that was supposed to end in October would instead expire at the end of Monday’s trading.
The “poison pill” was a temporary shareholder rights’ plan. It would have taken effect had one person or group acquired 10 percent or more of Oshkosh stock, and its goal was to ward off a hostile takeover attempt.
Oshkosh had rejected Icahn’s previous offer to buy the company, saying it was not adequate.
Icahn is known for buying struggling businesses and shaking them up. His total bid for Oshkosh was around $3 billion. He abandoned the takeover attempt last month, after less than a quarter of the company’s shares had been tendered before his offer expired.