Icahn bids for Oshkosh; CNH rebuffs Fiat entreaty

News Story
- 18 Oct 2012 ( #587 ) - Oshkosh, WI, and Burr Ridge, IL, United States
2 min read
Activist investor Carl Icahn intends to make an unsolicited bid for JLG parent firm Oshkosh Corp that values the company at almost USD3 billion and, again, nominate his own directors in an effort to gain control of the company.

On 10 October, New York-based Icahn said he would make a tender offer worth USD32.50 a share in cash, at that time a 21% premium over Oshkosh's closing price.

Oshkosh said on 11 October: "As you know, Mr Icahn was unsuccessful in his attempt to elect any of his six director nominees to the Oshkosh board at our 2012 annual meeting. Our board of directors, with the help of independent financial and legal advisers, will advise Oshkosh shareholders of its position regarding the unsolicited tender offer within 10 business days from the time Mr Icahn formally commences his offer, which has not yet occurred. The board advises shareholders to take no action at this time pending the board's review of Mr Icahn's unsolicited tender offer."

Icahn believes Oshkosh management needs to be more active. Through his entities, Icahn owns about 10% of Oshkosh's common shares.

JLG-brand aerial work platforms and telehandlers are the Oshkosh-based corporation's access equipment business segment's principal products. For the three months to 30 June, the access equipment segment accounted for sales of USD814.6 million or about 37% of Oshkosh Corp's consolidated sales of nearly USD2.18 billion.

Meanwhile, CNH Global NV has rejected a buyout offer from parent firm Fiat Industrial SpA.

Among its agricultural and construction equipment lines, CNH manufactures telescopic handlers through business unit New Holland Kobelco Construction Machinery SpA, of San Mauro Torinese, Italy.

Fiat, of Turin, Italy, owns 88% of CNH and, on 30 May, proposed a full USD1.1 billion merger that would have resulted in a move of Fiat's primary stock listing to New York from Milan, Italy.

In a 15 October statement, members of a special committee of the CNH board say they "unanimously concluded the proposal is inadequate and would not be in the best interests of CNH and its shareholders".

CNH is listed on the New York Stock Exchange. Burr Ridge-based CNH is incorporated under Dutch law and was created through a 1999 merger of New Holland NV and Case Corp.
Bidding on Lavendon intensifies
Bidding on Lavendon intensifies 26 Jan 2017 - Brussels, Belgium - 1 min read
STILL uses Elobau for controls
STILL uses Elobau for controls 24 Sep 2015 - Leutkirch, Germany - 1 min read
Jungheinrich steps closer to 2017 sales target
Jungheinrich steps closer to 2017 sales target 12 Mar 2015 - Hamburg, Germany - 1 min read
Previously about:
Access sales higher for Oshkosh News Story - 1 May 2014 - Oshkosh, WI, United States - 1 min read
Private investors buy into Oshkosh News Story - 22 Aug 2013 - Oshkosh, WI, United States - 1 min read
Oshkosh access equipment sales jump 15.1% News Story - 31 Jan 2013 - Oshkosh, WI, United States - 1 min read
Do you have materials handling news? Submit your news here

PREMIUM business

GemOne
Telematics for industrial fleets. Fleet & safety management solutions: track vehicles, boost efficiency, operate safer, & avoid unexpected downtime.

This April, Forkliftaction will publish an in-depth feature report on the latest innovations in materials handling attachment design.

Do you have expertise in this field? 
Feature contribution is a unique opportunity to share your knowledge in a widely read and respected editorial report. 

Contributor sign-up ENDS FEBRUARY 20thcontact us today to secure your participation!

Words of support …

After advertising with Forkliftaction.com, we got many enquiries regarding interest to be our distributor. Mostly from Europe and USA but including a few in ASEAN. We feel that the advertisement was useful and good for market expansion.

Lawrence Xu, Assistant Sales Manager - Resonac Asia Pacific Pte Ltd.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

This April, Forkliftaction will publish an in-depth feature report on the latest innovations in materials handling attachment design.

Do you have expertise in this field? 
Feature contribution is a unique opportunity to share your knowledge in a widely read and respected editorial report. 

Contributor sign-up ENDS FEBRUARY 20thcontact us today to secure your participation!

Showcased in the Virtual Expo

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

This April, Forkliftaction will publish an in-depth feature report on the latest innovations in materials handling attachment design.

Do you have expertise in this field? 
Feature contribution is a unique opportunity to share your knowledge in a widely read and respected editorial report. 

Contributor sign-up ENDS FEBRUARY 20thcontact us today to secure your participation!