Carl Icahn is ratcheting up the pressure at
The cell phone giant said late Wednesday that it has received notice that the billionaire financier has made antitrust filings to significantly boost his current 1.39% stake in the company.
The notice states that Carl Icahn and his Icahn Partners firm are each filing to acquire in excess of $119.7 million and up to $500 million of Motorola shares. Meanwhile, the Icahn Partners Master Fund and Icahn Partners Master Fund II limited partnerships are each filing to acquire in excess of $500 million of Motorola's stock, but less than 25% of the shares outstanding.
Motoroal has roughly 2.41 billion shares outstanding. Icahn last month disclosed that he
bought 33.5 million shares and indicated he is seeking a spot on the company's board. The move comes as Motorola struggles with weak profits amid tough competition and soft handset pricing.
Shares of Motorola were jumping 60 cents, or 3.2%, to $19.12 in late trading.