You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

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.

Continue reading below

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.

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.’’

Loading comments...
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.