Motorola settles, Icahn ends proxy fight
One less proxy fight will be decided by shareholders in the 2008 proxy season.
Reuters is reporting that Motorola and legendary corporate raider Carl Icahn have reached an agreement to give two board seats to Icahn’s nominees.
Keith Meister, Icahn’s investment director, will be seated immediately on Motorola’s board, while investment banker William Hambrecht will be officially supported by Motorola in the upcoming shareholder vote.
Motorola reiterated its plan to spin off its cell phone business, with Icahn noting that the new company will be “free from poison pills and staggered boards.”
