OSHKOSH, WI (WTAQ) - The Wisconsin Investment Board says financier Carl Icahn’s offer to acquire all the outstanding common shares of stock in the Oshkosh Corporation would undervalue the company and wouldn’t be in the best interest of its investors.
The board has turned thumbs down on the proposed takeover. Icahn was offered $32.50 per share.
The investment board says shareholders would benefit more if management at Oshkosh continues to put changes into place.
The situation has become a proxy fight. The board announced Friday it won’t tender any of its Oshkosh shares to Icahn and it won’t vote for any of his nominees for the company’s board of directors.