NEW YORK (AP) - 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.
Last week Icahn made it clear that he would walk away from his bid if the threshold wasn't met. The tender offer expired on Monday, with about 22 percent of the shares tendered.
Icahn, who is known for buying stakes in struggling companies and then shaking them up with mixed results, had previously maintained that Oshkosh Corp. needs new management and a new strategy.
But he had said that he would "move on to other endeavors" if he did not get at least 25 percent of Oshkosh's shares in the tender offer.
Oshkosh Corporation released a statement Tuesday, which reads in part:
"The Board and management team thank shareholders for their continued support. We remain focused on continuing to successfully execute the Company's MOVE strategy and on generating substantial value for our shareholders."
It goes on to say:
"Given today's tender results, Oshkosh looks forward to moving ahead without the unnecessary expense and distraction of a proxy contest."
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