toggle

AAPL Stock: 112.76 ( -0.53 )

Printed from http://www.macnn.com

Motorola settles in fight with Carl Icahn

updated 01:25 pm EDT, Mon April 7, 2008

Motorola, Icahn settle

Motorola and one of its prominent investors, Carl Icahn, have reached a settlement in their long-running conflict. Icahn has been a vocal critic of Motorola, complaining about the sliding profits of the company. For a year he has sought the installation of four new directors, and he more recently filed a lawsuit, demanding access to records connected to the finances of the mobile devices unit. Motorola initially contested this, claiming that Icahn was given the option of access but rejected it along with the terms provided.

Under the settlement, Icahn has agreed to drop the lawsuit, but Motorola will have to support two support of his nominees, Keith Meister and William Hambrecht; this effectively guarantees their election to the company's board of directors on May 5th, according to the Associated Press. Icahn will also advise on a new CEO and spinning off the mobile division, though he has promised not to using proxy voting during the May shareholders' meeting.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...

MSI Geforce GTX 970 100ME

When Nvidia announced a new line of video cards in September 2014, many people thought things would continue to be business as usual i ...

toggle

Most Commented