News Summary: Icahn drops bid for Oshkosh

News Summary: Billionaire investor Icahn gives up his bid to buy truck maker Oshkosh

Associated Press

NEW YORK (AP) -- STEPPING AWAY: Billionaire investor Carl Icahn is giving up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired.

FAIR WARNING: Last week Icahn made it clear that he would walk away from his bid that valued the company at about $3 billion if the threshold wasn't met. The tender offer expired on Monday, with about 22 percent of the shares tendered.

COMPANY VIEW: Oshkosh Corp. had recommended that shareholders reject Icahn's offer calling it "highly conditional, inadequate and opportunistic."

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