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Empowered shareholders can beat Icahn.(Opinion)
Crain's Chicago Business, February, 2007
Carl Icahn, a canny investor with a nose for corporate vulnerability, has zeroed in on Motorola Inc. A battered stock, strategic missteps and-most important-a big pile of cash made the cell phone maker a sitting duck for Mr. Icahn. Following his usual MO, he scooped up some shares and started agitating for a seat on Motorola's board of directors and a big stock repurchase.
Now Motorola CEO Ed Zander must decide whether to fight or cut a deal with Mr. Icahn. What he can't do is ignore the battle-hardened corporate raider. Mr. Icahn may hold only 1.4% of Motorola's outstanding shares, but he has something more important than a large ownership stake: money to wage a proxy fight for the directorship he wants. That gives him clout ordinary shareholders of...
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