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Carl Icahn Makes $3B Offer for Oshkosh

Activist investor Carl Icahn offered on Thursday to buy all outstanding shares of military truck manufacturer Oshkosh Corp. for $3 billion, or $32.50 per share, according to Bloomberg.

Icahn, who is the company’s largest shareholder with a 9.45 percent stake, made an offer that is 21 percent higher than Oshkosh’s Wednesday closing price.

Brendan McGarry reports the activist investor plans to nominate several directors for election at the next company meeting and said his offer is conditional on those nominees being elected.

Icahn also holds a 14.9 percent stake in Navistar, a Chicago-based maker of mine resistant ambush protected vehicles.

Revenue for Oshkosh went from $1.45 billion in fiscal year 2011 to $9.84 billion in fiscal 2010, then recorded $7.58 billion in fiscal 2011 revenue, McGarry reports.

The company also ranked 11th on Bloomberg Government’s survey of the top 200 defense contractors for the fiscal year ended Sept. 30, 2011, receiving $4.9 billion in prime U.S. defense contracts.

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