Wires

UPDATE 1-Icahn offers to buy Oshkosh Corp for $32.50 a share

Share

(Adds details, stock action)

Oct 11 (Reuters) - Activist investor Carl Icahn on Thursdayoffered to buy all outstanding shares of U.S. truckmaker OshkoshCorp for $32.50, a 21 percent premium to their Wednesdayclosing price.

Icahn, who is already Oshkosh's largest shareholder with a9.45 percent stake, said that he plans to nominate a slate ofdirectors for election at the company's next annual meeting andthat his offer would be subject to the election of thosedirectors.

Oshkosh did not immediately respond to a call seekingcomment. Shares of the company surged 14 percent to $30.57 onthe news.

Icahn said in a statement that a tender offer would expirein 45 days, but that if at least 25 percent of the company'soutstanding shares were sold to him he would extend it.

Should he be able to boost his stake to 50.1 percent, headded, "we will demand that the current board, in accordancewith its fiduciary duty to stockholders, accelerate the upcomingannual meeting to allow the prompt election of our slate ofdirectors so that the tender offer can close quickly."

(Reporting By Scott Malone; Editing by Gerald E. McCormick)

((scott.malone@thomsonreuters.com)(+1 617 856 4342)(ReutersMessaging: scott.malone.thomsonreuters.com@reuters.net))

Keywords: OSHKOSH ICAHN/