The following is an excerpt from Agustino Fontevecchia | October 11, 2012 | Forbes.com |
And the activist strikes again. On Thursday, billionaire investor Carl Icahn indicated he will tender an offer to buy “any and all” shares outstanding of Oshkosh for $32.50 per share in cash. Shares in the company, of which Icahn owns a 9.5% stake, triggered a circuit breaker after surging more than 10% in early trading, and were up even more after the resumption of trade.
Icahn’s cash offer wouldn’t be subject to due diligence or financing, according to The Fly on The Wall. The investor said he will nominate a slate of directors, which must be accepted for the deal to go through; Icahn set an expiration date of 45 days.
Last year, Icahn tried to get his nominees appointed to Oshkosh’s board, suggesting strong synergies between them and Navistar could lead to the possibility of a merger to unlock shareholder value.
Navistar, another stock Icahn owns, surged on the news. On Monday, Navistar’s management agreed to appoint three directors nominated by Icahn and Mark Rachesky, who used to work with the activist investor. Rachesky, Vincent Intrieri, and a third board member to be chosen by Icahn and his former investment advisor.
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