Activist investor Carl Icahn said in a statement today that he will make a tender offer of $32.50 per share in cash for the outstanding shares of Oshkosh Corp. (NYSE: OSK). Icahn owns about 9.5% of the company and was unsuccessful earlier this year in getting his slate of candidates elected to the Oshkosh board.

Trading was briefly halted in Oshkosh shares following Icahn's announcement.

A back-of-the-envelope calculation makes Icahn's total offer worth in the neighborhood of $2.7 billion if all the outstanding shares are tendered. At the coming annual meeting of Oshkosh shareholders, Icahn said he would once more offer a slate of candidates for election to the board.

Icahn's tender offer is not subject to due diligence or financing, but is subject to the election of Icahn's nominees to Oshkosh's board. The tender offer will be good for 45 days once it has officially started.

Shares of Oshkosh are up more than 15% after trading resumed, at $30.93 in a 52-week range of $17.80 to $31.30.

Paul Ausick

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