Motorola Holder Backs Icahn

Billionaire investor Carl Icahn is making one last pitch for a board seat at Motorola (MOT Quote - Cramer on MOT - Stock Picks).

Icahn sent shareholders another letter Friday. The investor, who owns 2.9% of Motorola's outstanding shares, says he's willing to drop a number of his other board seats to demonstrate his commitment to turning things around at the Schaumburg, Ill.-based broadband communication company.

"I will resign from a sufficient number of boards to ensure compliance with [Institutional Shareholder Services'] policy on overboardedness," Icahn says in the letter. "My interest in having things go right at Motorola is fully aligned with yours."

The comments, made in a letter filed with the Securities and Exchange Commission, come as Icahn and Motorola wage a proxy battle that will be decided Monday by Motorola shareholders. Icahn got some key outside support Friday when ClearBridge Advisors, a fund manager owned by Legg Mason (LM Quote - Cramer on LM - Stock Picks), said it would vote its 54 million shares -- representing a 2.3% stake -- on his behalf.

"We acknowledge and are deeply respectful of the quality of Motorola's Board of Directors," said ClearBridge chief Brian Posner. "However, given recent events at the company, we believe it is in the best interest of all shareholders to have a new representative on the board."

Motorola shares rose 2% Friday, adding 36 cents to $18.09.

Motorola has sought to make light of Icahn's membership on numerous corporate board. Motorola, which opposes giving Icahn a board seat, has said Icahn already serves on some eight boards.

The company has also noted past comments from the outspoken investor to the effect that no one serving on a half-dozen boards can render adequate service. "How can a guy be on eight boards and know what the hell he's doing?" Icahn has previously said, according to Motorola.

A call to Icahn's offices in Manhattan requesting comment was fielded by an assistant who said he was not immediately available. A Motorola spokeswoman was unable to comment.

« Previous Page

1 2

Next Page »