Motorola said it will not support Carl Icahn's bid to join its board in a notice for the company's annual shareholder meeting. The notice warned: "Mr. Icahn's nomination has NOT been endorsed by your Board of Directors," and: "We urge stockholders NOT to sign any proxy card that you may receive from the Icahn Entities." Icahn has previously said he wants Motorola to make better use of its $11.3 billion cash hoard through a dividend or stock buyback. He also said the company can take on more debt--it currently has about $4.4 billion in debt.
For more on the latest maneuvering in the Moto-Icahn saga:
- see this WSJ article (sub. req.)