NEW YORK (AP) -- Billionaire investor Carl Icahn has bought a 9.5 percent stake in Oshkosh Corp. and says he wants to talk to management of the heavy-vehicle maker about increasing its stock value, according to a regulatory filing.
Oshkosh shares jumped more than 8 percent in aftermarket trading.
Icahn and affiliated funds bought 8.7 million shares between April 29 and June 30, the Securities and Exchange Commission filing said.
The filing said the activist investor believed the shares were undervalued. The value of its stock has declined 5 percent over the past year.
Oshkosh shares rose $2.33, or 8.1 percent, to $31.27 in aftermarket trading Thursday. In the regular session, the stock gained 68 cents, or 2.4 percent, to $28.94.
The Oshkosh, Wis., company, which makes commercial, fire and military vehicles, issued a statement saying it believed his purchase of the shares and options was "evidence of his belief in the value of the company." It added that it was open to dialogue with its shareholders.
The company reported a $790 million profit, or $8.69 a share for its year ended Sept. 30, against a year-earlier loss of $1.1 billion, or $14.37 a share.
