Shares of Oshkosh Corporation (NYSE:OSK) were off about 4.5 percent in early afternoon trading on Tuesday after Carl Icahn pulled his bid to buy the company. Icahn, a billionaire investor with a penchant for buying stakes in distressed companies and shaking them up, was tendered only about 22 percent of the company’s shares. Without 25 percent of shares tendered, Icahn did not see the level of support he wanted among shareholders for his buyout offer.
Icahn’s buyout offer valued the truck maker at around $3 billion, about 14 percent higher than its $2.62 billion market capitalization on December 4. Icahn believes that Oshkosh needs a management shake up and a new strategy, and likely thought he could profit as a stakeholder in a growing company.
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The company’s current leadership clearly disagreed.
CHEAT SHEET Analysis: Oshkosh is Doing Just Fine Without Icahn
Icahn’s offer of $32.50 per share was less than a dollar above the stock’s 52-week high of $31.65, which it hit late in November. While the stock’s movement toward that price level was no doubt fueled by Icahn’s offer, the company’s stock has climbed over 34 percent this year to date, and over 43 percent year over year…