Icahn to Offer $3 Billion for Oshkosh

Billionaire investor Carl Icahn says he plans a $3 billion takeover offer for the 9.5% of military-truck maker Oshkosh Corp. he doesn't already own.

Icahn declares management has failed to guide the company out of its slump.

The Wisconsin-based company says it will consult financial and legal advisers before declaring its stance on the unsolicited offer.

The takeover bid sparked speculation that the activist investor also might try to buy Navistar International Inc., in which he owns a 14.9% stake. Navistar shares rose 3% to $22.61 on Thursday.

Last year Icahn unsuccessfully urged Navistar and Oshkosh to merge. But he tells Bloomberg TV there is "no chance" that he will revive his pursuit of the combination.

Any attempt to buy 15% or more of Navistar stock would trigger the poison pill the company adopted in June that would multiple existing shares to make a buyout prohibitively expensive.