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News Summary: Oshkosh rejects Icahn tender offer

NEW YORK -- 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.