NEW YORK (AP) â¿¿ Billionaire investor Carl Icahn wants to make an unsolicited bid for truck maker Oshkosh Corp. that values the company at almost $3 billion. Icahn says he also plans to nominate his own slate of directors in a bid to control the company.
The activist investor said Thursday that he will make a tender offer worth $32.50 per share in cash, a 21 percent premium over Oshkosh's latest closing price.
Icahn had sought seats on the board unsuccessfully last year. He said management has taken a passive attitude toward the company's future and he wants it to be more active. Icahn said he already owns about a 10 percent stake in the company.
IPO market shows signs of life with 4 big gains
NEW YORK (AP) â¿¿ After a string of disappointing debuts, the IPO market showed signs of life Thursday, with shares of four newly public companies each shooting up more than 20 percent in their first day of trading.
All of the companies â¿¿ Realogy, the owner of realty firms Century 21, Coldwell Banker and Corcoran Group; online stock photo provider Shutterstock; Kythera, a developer of shots to treat double chins; and Intercept Pharmaceuticals, which develops drugs for liver diseases â¿¿ saw strong demand from investors. The companies raised more money in their initial public stock offerings than they had predicted, an unusual occurrence in the past few months.
US trade deficit rose to $44.2 billion in August
WASHINGTON (AP) â¿¿ The U.S. trade deficit widened in August from July because exports fell to the lowest level in six months. The wider deficit likely dragged on already weak economic growth.
The deficit grew 4.1 percent to $44.2 billion in August, the biggest gap since May, the Commerce Department said Thursday.
Exports dropped 1 percent to $181.3 billion. Demand for American-made cars and farm goods declined.