Investor Carl Icahn dropped his bid to buy specialty truck maker Oshkosh Corp. after failing to receive enough shareholder support, Bloomberg reported Tuesday.
Icahn — Oshkosh’s largest shareholder with a 9.5% stake — had said he would end his bid if fewer than 25% of the company’s outstanding shares were tendered by the deadline, Bloomberg said.
About 22% of the shares were offered, according to a statement from Icahn Enterprises LP. Because he did not get the 25% of shares he had sought, “We are returning all tendered shares and we will not extend the offer,” Icahn said in the statement.
Oshkosh’s board last month rejected Icahn’s takeover bid.
Icahn’s offer to buy all outstanding shares of Oshkosh at $32.50 a share, or about $3 billion, expired at midnight on Monday.