Icahn’s $3B Oshkosh Bid Undervalues Co., Shareholders Say

Law360, New York (November 2, 2012, 4:33 PM EDT) -- A major investor in truck manufacturer Oshkosh Corp. on Friday blasted activist investor Carl Icahn’s proposed $3 billion buyout of the company, saying the offer substantially undervalues the company and does not serve all of its shareholders.

The State of Wisconsin Investment Board, one of Oshkosh’s biggest institutional investors with a 2 percent interest, pledged to vote its shares against the $32.50-per-share offer based on the belief that the company’s growth plans will yield a bigger return. Icahn’s bid represents a 21 percent premium over the...
To view the full article, register now.