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News Summary: Icahn gives up bid for Oshkosh
Tuesday - 12/4/2012, 5:29pm EST
(AP) - THROWING IN TOWEL: Billionaire investor Carl Icahn gave up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired.
SHAKE-UP SOUGHT: Icahn, who is known for buying stakes in struggling companies and then shaking them up with mixed results, had maintained that Oshkosh needs new management and a new strategy.
`OPPORTUNISTIC': But Oshkosh recommended that shareholders reject Icahn's offer, calling it "highly conditional, inadequate and opportunistic." Oshkosh's stock fell nearly 4 percent Tuesday.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)