Icahn proposes former JLG CEO Bill Lasky to Oshkosh board

22 October 2012

Former JLG Industries chief executive officer and president Bill Lasky will be among the list of new directors proposed for the Oshkosh board by Carl Icahn, the billionaire investor who is trying to take control of Oshkosh.

Mr Lasky was president and CEO of JLG between 1999 and 2006, leaving the company when it was acquired by Oshkosh.

Mr Icahn, who has been pursuing a takeover of Oshkosh with the aim of selling JLG, said in a statement issued on 22 October that Mr Lasky will be “joining our slate of nominees and assisting us in developing an independent strategy to maximize the value of JLG.”

In the same statement Mr Lasky said; “I believe that JLG presents an exciting opportunity for shareholders over the next several years. A dedicated and focused management team will be better able to take advantage of global growth opportunities and mitigate risks related to customer concentration and weak economies in the US and Europe."

In response to this latest statement by Mr Icahn Oshkosh said it would advise shareholders of its position by the end of October and advised shareholders to take no action.

Mr Icahn has offered Oshkosh shareholders a price of $32.50 for their shares and has also advised shareholders to vote for his proposed directors.

He wrote; “We believe that our tender offer and proxy fight provide the opportunity for a victory for shareholders now in the form of two choices: (i) $32.50 in cash or (ii) ownership in both JLG as a separate public company, and in the remaining Oshkosh, the assets of which will be under a new board focused on increasing shareholder value.”

Mr Icahn’s full list of director nominees will be released later this week.

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