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News Breaks | | | | October 22, 2012 | | 08:48 EDT |  | OSK | Carl Icahn issues open letter to shareholders of Oshkosh
"I am a long time shareholder of Oshkosh Corporation. To my dismay I have watched this company continue to overpromise and under deliver. I have completely lost confidence in the management team led by Charlie Szews. The day that Mr. Szews was appointed President and Chief Operating Officer of OSK five years ago, OSK stock traded at $61.95 per share. In the 12 months prior to our August 13D update regarding a spin-off of JLG, and our subsequent tender for the shares at $32.50, OSK stock traded at an average of $21.15 per year. The decline in share price over this five year period represents the clearest indication to us that the management of OSK has failed, and that the company will not succeed without a new management team and a drastically different strategy. As the largest shareholder of OSK, we are unwilling to put our trust in the existing board and Mr. Szews to turn this company around. We are now offering a clear choice that we view as a win-win for shareholders. Shareholders can win by selling their shares to us in our tender for $32.50. Or, shareholders can win by voting for our slate of directors in our proxy fight to replace the existing board, and implementing a shareholder friendly business strategy - the cornerstone of which is the spinoff of JLG. We are now offering a clear choice that we view as a win-win for shareholders. Shareholders can win by selling their shares to us in our tender for $32.50. Or, shareholders can win by voting for our slate of directors in our proxy fight to replace the existing board, and implementing a shareholder friendly business strategy - the cornerstone of which is the spinoff of JLG." Mr. Icahn continues, "Mr. Szews has been telling shareholders for years that better times are right around the corner and that he has the right people in place to succeed. Yet every year the recovery for OSK is one more year away." | |
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News For OSK From The Last 14 Days Check below for free stories on OSK the last two weeks. |
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| May 13, 2013 | | 10:38 EDT |  | OSK | Oshkosh vehicle design rejected by Pentagon, Defense News says
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