Icahn asks for seat at Motorola

Posted Jan 30th 2007 4:55PM by Zac Bissonnette
Filed under: From the Boards, Management, Motorola (MOT), Blockbuster Inc 'A' (BBI), ImClone Systems (IMCL)

Legendary investor Carl Icahn has acquired 1.39% stake in Motorola, Inc. (NYSE:MOT), and asked for a seat on the company's board of directors. With stock trading 30% off its 52-week high and a 48% profit decline in the company's fourth quarter profit, some believe that Icahn will attempt to break-up or otherwise restructure the company.

Currently perched at number 24 on the Forbes list with a net worth of $9.7 billion dollars, Icahn is famous for his activist investments in companies including TWA, Blockbuster Inc. (NYSE:BBI), ImClone Systems Incorporated (NASDAQ:IMCL), Mylan Laboratories Inc. (NYSE:MYL), and, most recently Time Warner Inc. (NYSE:TWX).

If Icahn's goal is to break-up the company, analysts predict that he will encounter resistance from management. If that happens, this could get very interesting. Watching people like Carl Icahn doing battle with corporate management teams is good entertainment... not quite as much fun as watching Dan Loeb at work though.

Tags: carl icahn, CarlIcahn, dan loeb, DanLoeb, mylan laboratories, MylanLaboratories