Motorola & Carl Icahn reach agreement: All lawsuits dropped, 2 cronies elected to board
By Stefan Constantinescu on Monday, April 7th, 2008 at 9:16 AM PST In Motorola
Motorola and Carl Icahn, the guy who owns 6.4% of Motorola (NYSE: MOT)’s stock and has been wanting to see Motorola split up for as long as I can remember, have reached an agreement. Effective immediately Keith Meister, a managing director of the Icahn investment funds and principal executive officer of Icahn Enterprises, will be serving on the board of directors. William R. Hambrecht, founder, chairman and chief executive officer of WR Hambrecht + Co. and co-founder of Hambrecht & Quist, will be up for election to join the board of directors in May. All lawsuits Carl had against Motorla will be dropped and an attempt at a proxy bid will not occur.
In related news Videocon, the Indian company who wants to purchase Motorola’s Handset Division once the splut occurs, has decided to hire UBS to negotiate the purchase if Motorola ever agress to making it happen.
