Investor Carl Icahn said he will drop his offer to buy Oshkosh Corp. if less than a quarter of shares are tendered by next week, Bloomberg reported.
His offer to buy the truck maker for $3 billion is set to expire Dec. 3, Bloomberg reported.
The company’s stock fell 4.3% to close Thursday at $30.07, the biggest one-day decline since June 25.
Icahn — Oshkosh’s largest investor with a 9.5% stake — has criticized the firm’s executives for poor performance and said his proposal would equate to about $32.50 a share, Bloomberg previously reported.
Oshkosh told shareholders in a statement Thursday “to ignore Carl Icahn’s last minute plea to support his highly conditional, inadequate and opportunistic offer.”