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Carl Icahn today issued
the following response to statements by Oshkosh Corporation
regarding Mr. Icahn's any and all tender offer for
Oshkosh shares at $32.50 per share in cash. The tender offer
expires at 12:00 midnight, New York City time, on December 3,
2012.
While we have been cynical regarding the decision making
processes of the Oshkosh board of directors, their recent
statements and actions even surprise us. The board continues to
insist that our tender offer is conditional, however, the conditionality of this tender offer is not tied to financing or
due diligence, and is in large part to overcome obstacles which
this board has either instituted themselves or failed to remove.
Conditionality in this tender offer is not materially different
than that contained in our tender offer for CVR Energy through
which we purchased approximately 80% of the outstanding CVR
shares.
Additionally, this board has referred to our tender offer as
opportunistic and inadequate. However, in our opinion, it is
this board, not us, who is acting in an opportunistic and
inadequate manner. This board refused to allocate any
meaningful capital to repurchase shares during fiscal 2012 when
the stock traded at an average price of $22.34 per share. Yet
AFTER we tendered for the company, and the shares traded up over
$30.00 per share, the company then determined repurchasing
shares might be a good idea. We strongly believe that the
board's new found capital allocation strategy is disingenuous,
with its sole purpose being to try to defeat our tender offer.
It remains a mystery to us why the board believes that
shareholders, who, in our opinion, have been subjected to this
company's irresponsible and unsuccessful attempts to allocate
capital and generate shareholder returns over the past five
years, would be convinced that this 11th hour attempt to redeem
their tarnished track record would convince anyone.
It is time for all shareholders to send the message to this
board and management team that it is time for a capital
allocation and business strategy which is driven by a desire to
create shareholder value rather than one that in our opinion is
clearly driven by a desire to preserve the status quo and the
employment of failed executives and directors.
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