Motorola Buying $1.17 Billion in Stock Back From Icahn
Motorola Solutions is buying about $1.17 billion of its stock back from billionaire investor Carl Icahn.
The company, which sells communications equipment to government and corporate customers, also said Monday that board member Vincent Intrieri will resign as part of the transaction. Intrieri is general partner of Icahn Enterprises and an Icahn Enterprises G.P. director.
Motorola Solutions is purchasing approximately 23.7 million of its shares from Icahn at $49.15 apiece under an existing $3 billion repurchase program.
The price of the buyback was 28 cents per share below Friday's close of $49.43 for Motorola Solutions.
Icahn is known for buying and shaking up struggling companies, with mixed success. He pushed the original Motorola to split up, figuring that investors would find its parts more valuable than the whole. Motorola split into two companies in January 2011. Motorola Mobility Holdings consists of the consumer-focused cellphone and cable set-top box operations. Motorola Solutions sells products such as police radios and bar-code scanners.
Messages were left for both Motorola Solutions, based in Schaumburg, Ill., and New York-based Icahn Enterprises seeking more details, but there was no immediate response.