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posted: 10/11/2012 1:59 PM

Carl Icahn plans to offer $3B to buy Oshkosh

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    ASSOCIATED PRESS@$ID/[No paragraph style]:Carl Ic

 
Associated Press

NEW YORK -- Billionaire investor Carl Icahn plans to make an unsolicited bid for truck maker Oshkosh Corp. that values the company at almost $3 billion. Icahn says he also plans to nominate his own slate of directors in a bid for control of the company.

The activist investor said Thursday that he will make a tender offer worth $32.50 per share in cash, a 21 percent premium over Oshkosh's latest closing price.

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Icahn had sought seats on the board unsuccessfully last year. He said management has taken a passive attitude toward the Wisconsin-based company's future and wants it to be more active.

Oshkosh asked its shareholders to take no action on the offer until the board reviews it. The company said its board will advise shareholders of its position within 10 business days.

Its shares gained $3.06, or 11.4 percent, to $29.91 in afternoon trading. Earlier the stock rose to $31.30, its highest price since July 2011. The shares are up 36.6 percent July 25, the day before the company's fiscal third-quarter report.

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