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OSHKOSH, Wis. (AP) — Truck maker Oshkosh Corp. said Monday that it will respond to billionaire investor Carl Icahn's tender offer for its shares, before the end of October.
The company advised shareholders to take no action on Icahn's offer to buy their stock for $32.50 per share. Icahn launched his offer on Oct. 17, and Oshkosh said it will respond within 10 business days from that date.
In a letter to shareholders that was filed on Monday with the Securities and Exchange Commission, Icahn said Oshkosh needs new management and a new strategy. He said shares of Oshkosh have lost about two-thirds of their value since Charles Szews became president and chief operating officer in October 2007. Szews has been the company's president and CEO since January 2011.
"I have completely lost confidence in the management team led by Charlie Szews," Icahn wrote.
On Oct. 11 Icahn said he planned to make an unsolicited bid that valued Oshkosh at almost $3 billion, and also planned to nominate a competing slate of directors in a bid for control of the company. Icahn is the largest stakeholder in Oshkosh and also nominated his own directors to the board in 2011.
Shares of Oshkosh rose 6 cents to $29.70 in afternoon trading. The stock is up 10.4 percent since Oct. 11.