Carl Icahn withdrew his most recent offer for shares in Oshkosh Corporation on December 4, the New York Times reported. Oshkosk owns several well-known brands, including JLG.
In late November, Icahn–who owns about 9.5 percent of Oshkosh shares–offered to pay $32.50 per share, with the stipulation that he could purchase a minimum of 25 percent of the company’s shares by December 4 at midnight. Ichan reached 22 percent by his deadline.
Market Watch reported on Icahn’s statement about the withdrawal:
“We have said in a number of communications to shareholders since the outset of this tender offer that we would not extend our offer unless at least 25% of the outstanding shares are tendered in the offer. Therefore, we are returning all tendered shares and we will not extend the offer,” Icahn said in a statement.
Oshkosh offered its comments the same day, thanking shareholders for supporting the company.
According to the New York Times, Icahn has yet to mention whether he will also withdraw his effort to replace Oshkosh’s 13-director board.
Market Watch reported that shares in Oshkosh fell 6 percent, to $28.44, early on December 4. They closed December 6 at $28.06.