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Oshkosh Corp. buying back stock
Company is facing a hostile takeover bid
Updated: Friday, 16 Nov 2012, 10:42 AM CST
Published : Friday, 16 Nov 2012, 10:39 AM CST
OSHKOSH - Oshkosh Corp. will repurchase up to $300 million in stock in the next 12-to-18 months, the company announced Friday.
At least $75 million of shares will be repurchased in the next three months. Oshkosh expects to fund the share repurchases through a combination of cash on hand and expected cash flow from operations.
The company is facing a hostile takeover attempt by Carl Icahn, who is the company's single-largest shareholder.
Charles L. Szews, Oshkosh Corporation chief executive officer, commented, "Today's announcement is a result of the success and momentum of our MOVE strategy, our efforts to strengthen the Company's balance sheet and the Board's ongoing commitment to delivering value to all Oshkosh shareholders. The Board's expansion and acceleration of our share repurchase efforts highlights our confidence in the Company's future growth and cash flow generation potential."
The Company noted that, since July 2012, it has repurchased approximately 550,000 shares for an aggregate value of approximately $13.4 million.
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