Carl Icahn yesterday abandoned his plan of acquiring US heavy-duty-truck and military vehicle maker Oshkosh Corp after only a few shareholders tendered their shares to his unsolicited bid.
The board of the Wisconsin-based Oshkosh had in October rejected Icahn's $32.50-a-share or $3 billion in cash offer and called on investors not to participate in Icahn's unsolicited tender offer (See: Oshkosh rejects Carl Icahn's $3-bn unsolicited offer).
The company's board also approved a poison pill to ward off any further hostile moves from the billionaire activist-investor.
On 11 October, Icahn, who already holds a 9.5-per cent stake in Oshkosh, had offered a premium of 21 per cent to the company's 10 October closing price. (See: Icahn bids $3-bn for Oshkosh in bid to merge it with Navistar)
Only 22 per cent of shares were tendered to his offer, less than the 25 per cent threshold that Icahn was seeking.
"We are returning all tendered shares and we will not extend the offer," said Icahn in a statement.