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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