Wednesday, May 07, 2008

Icahn Accumulates Another 27 Million Motorola (MOT) Shares, Brings "Friendly" Stake to 7.6%

In an amended 13D filing (#4) earlier today on Motorola (NYSE: MOT), Carl Icahn disclosed he raised his stake in the company to 7.6%, or 172,176,804 shares. This is up from the 6.4% stake (144,562,000 share) Icahn disclosed in a past filing.

In April, MOT entered into an agreement with Icahn to avoid a proxy fight. Under the agreement William R. Hambrecht, founder, chairman and chief executive officer of WR Hambrecht + Co. and co-founder of Hambrecht & Quist, and Keith Meister, a managing director of the Icahn investment funds and principal executive officer of Icahn Enterprises, will be nominated for election to Motorola's Board of Directors at the 2008 Annual Meeting of Shareholders and included in the Company's 2008 proxy statement. In addition, Mr. Meister has been appointed to serve on the Board, effective immediately.

Labels: , ,


Post a Comment

<< Home