Billionaire investor Carl Icahn is back in action with a $32.50-a-share hostile-takeover offer for specialty truck maker and JLG owner Oshkosh Corp. just after he won a board seat at Navistar International Corp.
The offer, which represents a premium of about 21 percent over Oshkosh's closing price on Oct. 10, values Oshkosh at about $3 billion, while the company's market cap stood at $2.7 billion.
The value of shares of both companies surged on the hopes that the move by Icahn could revive his earlier proposal of merging Navistar and Oshkosh, which rejected the proposal.
In addition to his own board seat at Navistar, Icahn also recently wrangled appointments of three directors.
