News Summary: Icahn gives up bid for Oshkosh

AP News

12/4/2012 5:42:35 PM - AP News

THROWING IN TOWEL: Billionaire investor Carl Icahn gave up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired.

SHAKE-UP SOUGHT: Icahn, who is known for buying stakes in struggling companies and then shaking them up with mixed results, had maintained that Oshkosh needs new management and a new strategy.

'OPPORTUNISTIC': But Oshkosh recommended that shareholders reject Icahn's offer, calling it "highly conditional, inadequate and opportunistic." Oshkosh's stock fell nearly 4 percent Tuesday.