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Carl Icahn today issued the following
open letter to shareholders of Oshkosh Corporation:
Dear Fellow Oshkosh Shareholders,
I am a long time shareholder of Oshkosh Corporation ("OSK"). To my dismay I
have watched this company continue to overpromise and under deliver. I have
completely lost confidence in the management team led by Charlie Szews. The
day that Mr. Szews was appointed President and Chief Operating Officer of OSK
five years ago, OSK stock traded at $61.95 per share. In the 12 months prior
to our August 13D update regarding a spin-off of JLG, and our subsequent
tender for the shares at $32.50, OSK stock traded at an average of $21.15 per
year. The decline in share price over this five year period represents the
clearest indication to us that the management of OSK has failed, and that the
company will not succeed without a new management team and a drastically
different strategy. As the largest shareholder of OSK, we are unwilling to put
our trust in the existing board and Mr. Szews to turn this company around.
We are now offering a clear choice that we view as a win-win for shareholders.
Shareholders can win by selling their shares to us in our tender for $32.50.
Or, shareholders can win by voting for our slate of directors in our proxy
fight to replace the existing board, and implementing a shareholder friendly
business strategy – the cornerstone of which is the spinoff of JLG.
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