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Carl Icahn sells Motorola Mobility ahead of takeover

The billionaire investor has moved on 2.9 million shares.

23 November 2011

Billionaire investor Carl Icahn has sold 2.9 million shares in Motorola Mobility for $114 million (£73 million).

Mr Icahn was the largest single stockholder in the firm, which recently agreed to be taken over by Google, possibly after good work by merger and acquisition consultants.

However, the money he will receive is less than he could have expected should he have waited for Google's $40 a share.

This means Mr Icahn may have plans for the money as he seems to be unwilling to hang around until the deal receives the necessary regulatory approval.

Over 99 per cent of those who voted on the proposed takeover by Google backed the move.

Sanjay Jha, chairman of Motorola Mobility, said: "We are pleased and gratified by the strong support we have received from our stockholders."

He added he is looking forward to working with Google to "realise the significant value" the company has to offer.

Posted by David Gleck

Source: Wall Street Journal, Reuters, Nasdaq, November 22nd
 

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