Activist investor Carl Icahn has raised his stake in struggling handset maker Motorola to 6.3 percent, up from a reported 5 percent stake. Icahn has mounted a campaign to break Motorola up into four different companies [1] and has also pushed to install four new directors [1] to the board. Earlier this week the board of directors told shareholders to reject Icahn's nominees. Icahn and his associates have spent a total of $2.06 billion to attain the 142.36 million shares that they own.
For more on Icahn's latest moves:
- read this report [2] from The Deal
Links:
[1] http://www.fiercewireless.com/story/icahn-motorola-should-be-quartered/2007-12-03
[2] http://www.thedeal.com/dealscape/2008/03/dealwatch_carl_icahn.php