Icahn gives up bid for truck maker OshKosh

Carl Icahn wanted at least 25 percent of the shares of OshKosh.
Carl Icahn wanted at least 25 percent of the shares of OshKosh.

NEW YORK — Billionaire investor Carl Icahn is giving up his bid to buy truck maker Oshkosh after less than 25 percent of the company’s shares were tendered before his offer expired.

OshKosh Corp. shares fell more than 4 percent in Tuesday trading.

Last week, Icahn made it clear that he would walk away from his bid that valued the company at about $3 billion if the threshold wasn’t met.


The tender offer expired on Monday, with about 22 percent of the shares tendered.

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Icahn had said that the 25 percent level would show that he has enough support for his plans and would justify the extension of the $32.50 per share tender offer until the Wisconsin-based company holds its upcoming annual shareholders meeting.

But Oshkosh had recommended that shareholders reject Icahn’s offer calling it ‘‘highly conditional, inadequate, and opportunistic.’’ The company had also enacted a shareholder rights plan, known as a ‘‘poison pill.’’

Associated Press