Icahn ups Motorola holding further
07 May 2008
Icahn ups Motorola holding further
Activist investor and billionaire corporate raider, Carl Icahn, tightened his grip on struggling vendor Motorola this week, increasing his stake in the company from 6.4 per cent to 7.6 per cent.
Icahn made the revelation in a statement to the Securities and Exchange Commission (SEC) on Tuesday, having paid an aggregate purchase price of $2.36bn for the stake.
Apparently, at the company's annual shareholder meeting earlier this week, Moto chief executive Greg Brown was subjected to something of a public flogging for having nothing but promises to show for himself. There was no news on the search for a new head for the handset unit and it seems that there is no master plan behind the proposed spinning off of the mobile devices businesses, other than 'let's see what happens'.
Icahn did manage to get a second ally, William Hambrecht, founder, chairman and CEO of WR Hambrecht + Co. and co-founder of Hambrecht & Quist, elected to the board however, to join his existing nominee, Keith Meister.
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