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Moto holders cool to Icahn's advances; Raider needs allies to achieve his aims.(News)
Crain's Chicago Business, February, 2007
Byline: STEVEN R. STRAHLER Motorola Inc. shareholders aren't rushing to back corporate raider Carl Icahn's push to win a board seat and force the cell phone maker to conduct a massive share buyback. "To have a large stock buyback in one quarter, just to satisfy Carl Icahn, does not really create long-term value for shareholders,'' says Manish Goyal, a San Francisco-based managing director of global research for pension fund TIAA-Cref Investment Management LLC, which holds 31.5 million Motorola shares, or a 1.3% stake.
Motorola shares jumped 7% after the company disclosed last week that Mr. Icahn had accumulated a 1.4% stake and wanted a board seat. Mr. Icahn then publicly called for an $11-billion share buyback that would consume all Motorola's cash. A...
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