Icahn gives up bid for truck maker Oshkosh

Published on NewsOK Modified: December 4, 2012 at 3:12 pm •  Published: December 4, 2012
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In a statement Tuesday, Oshkosh said its board and management team were grateful for shareholders' support and are focused on executing its strategy and "on generating substantial value for our shareholders."

The company is it also "looks forward to moving ahead without the unnecessary expense and distraction of a proxy contest."

In response to Icahn pulling the tender offer, Standard & Poor's Ratings Services affirmed Oshkosh's "BB" corporate credit rating and removed the ratings from Creditwatch. The outlook is stable, S&P said. The rating is two notches below investment grade, or "junk" grade.

Oshkosh's stock fell $1.28, or 4.3 percent, to $29.82 in trading Tuesday. Oshkosh shares rose to a 52-week high of $31.65 on Nov. 23. They had traded as low as $18.49 in early June.