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Icahn gains ground in fight with Moto; Shareholders lining up for activist investor; big shake-up predicted.(News)(investor Carl Icahn and Motorola Inc. )
Crain's Chicago Business, April, 2007 by Strahler, Steven R.
Byline: STEVEN R. STRAHLER Carl Icahn is gaining support from Motorola Inc. shareholders, increasing the likelihood the activist investor will land a seat on the company's board next week. Despite CEO Edward Zander's recent lobbying of large investors, some say they welcome Mr. Icahn's influence at Motorola, which posted a loss for the first three months of this year on plunging cell phone sales.
Shares of the company have dropped almost a third since October, when it began missing profit targets. "We don't see what the downside is to Carl Icahn joining that board,'' says David Chalupnik, senior managing director for U.S. Bancorp's FAF Advisors in Minneapolis. The firm plans to vote its 9.4 million shares in favor of Mr. Icahn, he says. The showdown...
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