NEW YORK (AP) - Billionaire investor Carl Icahn is giving up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired.
Last week Icahn made it clear that he would walk away from his bid if the threshold wasn't met. The tender offer expired on Monday, with about 22 percent of the shares tendered.
Icahn, who is known for buying stakes in struggling companies and then shaking them up with mixed results, had previously maintained that Oshkosh Corp. needs new management and a new strategy.
But he had said that he would "move on to other endeavors" if he did not get at least 25 percent of Oshkosh's shares in the tender offer.
Oshkosh's stock fell 2.8 percent in premarket trading Tuesday.
- Walker hopes federal government shutdown can be avoided
- Baldwin encourages Perdue to visit Wisconsin dairy farmers
- Bills to fight homelessness in Wisconsin up for vote
- Proposal would allow homemade baked goods sales in Wisconsin
- Wisconsin dairy farms face closure due to Canadian policies
- Walker says he has 'no interest' in higher vehicle fees
- Excessive use of technology among youth raising concerns
- CSAs connecting fresh produce to consumers
- La Crosse 12-year-old to clean up skate park with community help
- Thousands honored in La Crosse for volunteering