State of Wisconsin Investment Board: Supports Oshkosh Corp. against Icahn takeover bid

Contact: Vicki Hearing
Email: [email protected]
Phone: (608) 261-1050

Madison, WI — The State of Wisconsin Investment Board (SWIB), one of Oshkosh Corporation’s (NYSE:OSK) large institutional shareholders, today issued the following statement in response to Carl Icahn’s tender offer and intended proxy contest.

The Investment Board believes that Mr. Icahn’s unsolicited tender offer to acquire any and all outstanding common shares of Oshkosh for $32.50 per share in cash substantially undervalues the company and is not in the best interests of all Oshkosh shareholders. Earlier this year, SWIB supported Oshkosh in its proxy fight against Mr. Icahn while at the same time discussing potential improvements with management and the Board of Directors.

The company has greatly improved its communication with its investor base. As evidence, the company hosted an Analyst Day for the first time in several years where it elaborated on its MOVE strategy and long-term goals through 2015. Management’s goal of doubling earnings per share by 2015 is based on achievable targets. Recent quarterly results demonstrate that management is systematically executing the MOVE strategy. If management continues to successfully implement such changes, SWIB believes shareholders will benefit significantly more so than if the Icahn offer is accepted. SWIB does not intend to tender our shares, and we intend to vote for the company’s director nominees at the Oshkosh 2013 Annual Meeting of Shareholders.

About SWIB: Assets under management at SWIB are $87.8 billion. This includes about $82 billion in trust funds of the Wisconsin Retirement System (WRS), which provides benefits to over 578,000 current or former employees of state agencies, the university system, school districts and most local governments. The WRS is the 9th largest U.S. public pension fund and the 30th largest public or private pension fund in the world.