Trucking Co. Oshkosh Roundly Rejects $3B Icahn Takeover Bid

Law360, New York (October 26, 2012, 1:43 PM EDT) -- Truck manufacturer Oshkosh Corp. on Friday rejected a takeover attempt by activist investor Carl Icahn, calling the $3 billion deal opportunistic and accusing the billionaire of trying to line his own pockets at the expense of the company's other shareholders.

The $32.50-per-share tender offer, announced earlier this month, would give investors a 21 percent premium over their stock's close on the day before Icahn unveiled his plan. The proposed sale hinges on whether a slate of new Icahn-nominated directors is elected to Oshkosh's board.

But Oshkosh's...
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