Motorola Buys $1.17 Billion Of Stock Back From Carl Icahn
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Motorola Solutions Inc. split in two about a year ago after Carl Icahn pressured the company. Motorola bought $1.17 billion of its stock from Icahn and said that his representative on the board is stepping down. The repurchase represents about 7% of shares outstanding. It is part of a $3 billion buyback program said Motorola Solutions. Icahn Enterprises G.P. Inc. director Vincent J. Intrieri has resigned from the board.
The other spun-off business Motorola Mobility Holdings Inc. was bought by Google Inc. for $12.5 billion. Icahn pushed Motorola to spin off their mobile phone unit after four years of suggesting change. Motorola Solutions bought 23.7 million of its common stock at $49.15 per share from Icahn and his affiliates. As of January 1st, Icahn Associates Corp. owned 38.3 million shares of Motorola Solutions. Icahn has 14.6 million shares left and Icahn’s stake was cut to 4.6%.