Icahn Drops Oshkosh Tender Offer, but Proxy Battle Still a Possibility

Investor Carl Icahn has withdrawn an offer to buy any and all outstanding shares of Oshkosh Corp., but could still wage a second successive proxy battle for control of the company’s board of directors.

In a recent statement, Icahn indicated the owners of roughly 22 percent of outstanding shares in the company, or about 20.3 million shares, committed to his offer of $32.50-per-share.

“We have said in a number of communications to shareholders since the outset of this tender offer that we would not extend our offer unless at least 25% of the outstanding shares are tendered in the offer,” Icahn said in the statement. “Therefore, we are returning all tendered shares and we will not extend the offer.”

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