Tags: Oshkosh | Poison | Pill | Icahn

Oshkosh Ends 'Poison Pill' After Icahn Drops Bid

Monday, 07 Jan 2013 01:17 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
A month after activist investor Carl Icahn gave up his bid for Oshkosh, the truck maker is ending a shareholder rights plan early.

The "poison pill," announced this past October to ward off hostile takeover attempts, was set to end in October 2013. Instead, it will expire Monday after the close of trading.

Ichan abandoned his effort to take over Oshkosh Corp. in early December after less than 25 percent of the company's shares were tendered before his offer expired. His bid had valued Oshkosh at about $3 billion.

Oshkosh had rejected his offer as inadequate. To head off Icahn, who is known for buying stakes in struggling companies and shaking them up, the Oshkosh, Wis., company in late October enacted a shareholder rights plan known as a "poison pill," which would have taken effect if one person or group acquired 10 percent or more of Oshkosh's stock. Such a move is generally taken by a company to block a hostile takeover attempt.

Shares of the Oshkosh, Wis. company fell 35 cents to $32.25 in morning trading on Monday.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved