05.12.2012

Icahn backs down

'Activist investor' Carl Icahn has withdrawn his take over bid/tender offer for Oshkosh shares after just 22 percent of shareholders showed any interest in his offer.

He has yet to give up on his battle to gain control of the company’s board of directors through the appointment of his nominees. Icahn owns less than 10 percent of outstanding Oshkosh shares.

In a statement Oshkosh, which owns JLG, said: “Given today’s tender results, Oshkosh looks forward to moving ahead without the unnecessary expense and distraction of a proxy contest”.

Vertikal Comment

This is good news for Oshkosh and JLG Icahn is only interested in one thing, to trun a quick buck. His antics are a distraction that benefits no one. His aim to spin off JLG made no strategic sense and would have unpicked Oshkosh's aim to provide some diversifaction away from its core defence business through a different cycling industry that shares similar basic technology.

This is a victory for common sense and long term strategic common sense.