Activist investor Carl Icahn on Tuesday abandoned his effort to acquire control of U.S. truck and military vehicle maker Oshkosh Corp after shareholders tendered fewer shares than he had hoped for.
Only 22% of shares were tendered in his $32.50 per share offer, less than the 25% threshold Icahn had sought. Icahn, who remains Oshkosh's largest shareholder with a 9.5% stake, had said that many shares would have improved his chances of overhauling the board of the Oshkosh, Wisconsin-based company.
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"We are returning all tendered shares and we will not extend the offer," said Icahn, whose offer valued Oshkosh at $2.98 billion and represented a 21% premium on the share price prior to his October bid.
This was Icahn's second run at Oshkosh; a year earlier he waged an unsuccessful proxy battle, with shareholders rejecting his slate of directors.