Icahn Shelves $3B Oshkosh Bid Upon Tepid Investor Reception

Law360, New York (December 4, 2012, 4:49 PM EST) -- Activist investor Carl Icahn on Tuesday scrapped his $3 billion takeover bid for specialty truck manufacturer Oshkosh Corp. after investors tendered less than a quarter of the company's shares in support of his offer.

Icahn's offer closed late Monday with the support of just 22 percent of Oshkosh shares, falling short of his self-imposed threshold for keeping up the tender offer and a proxy fight — his second attempt this year to thwart Oshkosh management. Icahn, who owns 9 percent of the company, pledged last week...
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