US vendor Motorola Solutions has bought US$1.17bn worth of shares in itself from activist investor Carl Icahn and certain of his affiliates.
This move is part of a US$3bn share buyback programme, the company stated.
Overall, Icahn sold…
US vendor Motorola Solutions has bought US$1.17bn worth of shares in itself from activist investor Carl Icahn and certain of his affiliates.
This move is part of a US$3bn share buyback programme, the company stated.
Overall, Icahn sold approximately 24 million shares at US$49.15 each, leaving him with 14.5 million shares in Motorola Solutions. This means that his stake in the vendor went from 12% to 4.6%.
Following the transaction Vincent Intrieri, a director of Icahn Enterprises, will leave Motorola’s board of directors. In an SEC filing, the vendor stated that after Intrieri’s resignation, the company’s board will be reduced from nine to eight members.
Icahn gradually increased its stake in Motorola over the last few years and pushed for a breakup of the company. The separation of the mobile handset branch of the business, Motorola Mobility, from Motorola Inc, now known as Motorola Solutions, was completed in January 2011.
