Truck Firm Oshkosh to Acquire JLG Industries

From Reuters

Oshkosh Truck Corp. said it would buy JLG Industries Inc., a McConnellsburg, Pa., maker of telehandlers, scissor lifts and other aerial work platforms, for about $3 billion.

The news sent JLG shares up $6.81, or 32.8%, to $27.56. That’s close to the purchase price of $28 a share, which represents a 35% premium over the company’s closing stock price Friday.

Oshkosh shares fell as low as 9% in the session and closed down $3.05 at $52.49.

In a note to investors, Robert W. Baird & Co. analyst Robert McCarthy said the market was worried by the Oshkosh, Wis., company’s apparent departure from its previously truck-focused growth strategy.