News Summary: Oshkosh rejects Icahn tender offer
NEW YORK (AP) — DECISION TIME: Oshkosh Corp. rejected a buyout offer Friday from billionaire investor Carl Icahn Friday. The truck maker said that the $32.50 per share tender offer undervalued the company and was not in the best interest of shareholders.
Icahn is Oshkosh's biggest shareholder.
QUARTERLY RESULTS: Oshkosh also reported fiscal fourth-quarter adjusted earnings from continuing operations of 65 cents per share on revenue of $2.06 billion. Analysts polled by FactSet forecast earnings of 46 cents per share on revenue of $1.97 billion.
The company still expects to approximately double its adjusted earnings from continuing operations from fiscal 2012 to $4 to $4.50 per share by fiscal 2015.