Motorola Solutions Buys Back Icahn Shares (MSI)
The other Motorola company, Motorola Solutions Inc. (NYSE: MSI) has said that it will buy back nearly 24 million shares of its stock from Carl Icahn at $49.15/share. The total value of the buyback is about $1.17 billion. Shares closed…
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The other Motorola company, Motorola Solutions Inc. (NYSE: MSI) has said that it will buy back nearly 24 million shares of its stock from Carl Icahn at $49.15/share. The total value of the buyback is about $1.17 billion. Shares closed at $49.43 last Friday.
As part of the arrangement, Icahn will also lose the board seat held by Vincent J. Intrieri, who was Icahn’s appointment to the board. Motorola Solutions will not replace Intrieri, but instead will reduce the number of board members from nine to eight.
Motorola Solutions’ shares are down more than -4% in the premarket this morning at $47.31 in a 52-week range of $37.49-$51.06.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.