Oshkosh (OSK) Comment on Icahn Missing 25% Tender Offer Target
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Oshkosh Corporation (NYSE: OSK) issued the following statement in response to the press release Carl Icahn issued earlier today announcing the expiration of his unsolicited tender offer after failing to meet his 25% tender threshold:
The Board and management team thank shareholders for their continued support. We remain focused on continuing to successfully execute the Company’s MOVE strategy and on generating substantial value for our shareholders.
Mr. Icahn pledged to shareholders in a press release on November 29, 2012, that “if we do not receive tenders of at least 25% of the outstanding shares by the expiration of the offer on December 3rd, we will respect the shareholders’ wishes, drop our tender offer and proxy fight and move on to other endeavors.” Given today’s tender results, Oshkosh looks forward to moving ahead without the unnecessary expense and distraction of a proxy contest.
Goldman, Sachs & Co. is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and Foley & Lardner LLP are serving as legal advisors to the Company.
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The Board and management team thank shareholders for their continued support. We remain focused on continuing to successfully execute the Company’s MOVE strategy and on generating substantial value for our shareholders.
Mr. Icahn pledged to shareholders in a press release on November 29, 2012, that “if we do not receive tenders of at least 25% of the outstanding shares by the expiration of the offer on December 3rd, we will respect the shareholders’ wishes, drop our tender offer and proxy fight and move on to other endeavors.” Given today’s tender results, Oshkosh looks forward to moving ahead without the unnecessary expense and distraction of a proxy contest.
Goldman, Sachs & Co. is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and Foley & Lardner LLP are serving as legal advisors to the Company.
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