UPDATE: Carl Icahn Wants Oshkosh (OSK) to Spin-Off JLG Business
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(Updated - August 9, 2012 2:46 PM EDT)
Oshkosh Corporation (NYSE: OSK) pops higher after Carl Icahn urges spin-off of JLG business in 13D filing.
From the filing:
On August 9, 2012, representatives of the Reporting Persons had discussions with management of the Issuer. During those discussions, the Reporting Persons expressed their belief that the value of the JLG segment of the Issuer exceeded the total enterprise value of the Issuer and that given the prospects and profitability of the Issuer’s other segments, the value of JLG would not be recognized by shareholders in the foreseeable future. The Reporting Persons believe that JLG performance has improved enough for it to operate as a stand-alone business, and that the Issuer should immediately pursue a tax-free spinoff of the JLG business to shareholders. The Reporting Persons may continue to have discussions with representatives of the Issuer from time to time on these and other matters.
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Oshkosh Corporation (NYSE: OSK) pops higher after Carl Icahn urges spin-off of JLG business in 13D filing.
From the filing:
On August 9, 2012, representatives of the Reporting Persons had discussions with management of the Issuer. During those discussions, the Reporting Persons expressed their belief that the value of the JLG segment of the Issuer exceeded the total enterprise value of the Issuer and that given the prospects and profitability of the Issuer’s other segments, the value of JLG would not be recognized by shareholders in the foreseeable future. The Reporting Persons believe that JLG performance has improved enough for it to operate as a stand-alone business, and that the Issuer should immediately pursue a tax-free spinoff of the JLG business to shareholders. The Reporting Persons may continue to have discussions with representatives of the Issuer from time to time on these and other matters.
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