Oshkosh Axes Takeover Defense After Icahn Tables Buyout Bid

Law360, New York (January 7, 2013, 12:14 PM EST) -- Truck manufacturer Oshkosh Corp. on Monday fast-tracked the expiration of a shareholder rights plan that would have protected it against a takeover, easing its defenses about a month after activist investor Carl Icahn abandoned his $3 billion bid to buy the company.

The plan, which would have kicked in if Icahn lifted his 9.5 percent Oshkosh stake past 10 percent, runs out at 5 p.m. Monday. Under the original plans laid out by Oshkosh's board, the protections would have terminated in October.

Oshkosh's board had fervently...
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