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 As Carl Icahn launched a new strategy in his battle with Motorola Inc.'s management earlier in the week, the telecommunications equipment company launched its own offensive by announcing it would split into two publicly traded companies.
Greg Brown, Motorola's president and CEO, said the firm would create two independent, publicly traded companies as part of a strategic realignment (started on Jan. 31) of their mobile devices and broadband and mobility solutions businesses. Moto, which has yet to name a new CEO, said the separation will take the form of tax-free distribution to Motorola's shareholders. The split is subject to certain customary conditions and is expected to occur in 2009. The news comes two days after the company reportedly offered an olive branch to Icahn in the form of two board seats, rather than the four he is seeking. In February, the activist investor nominated: Frank Biondi Jr., William R. Hambrecht, Lionel C. Kimerling and Keith Meister. The Monday offer had one condition, that Meister would not be seated. Also in February, there was talk of a $10 billion joint venture between Moto and Nortel Networks Corp., combining their wireless infrastructure units. See the full story from TheDeal.com and The Daily Deal. - The editors See the press releaseSee Tech Confidential: Icahn reportedly rejects board seat offer from Motorola See Tech Confidential: Icahn keeps the pressure on Motorola See Corporate Dealmaker: Motorola to split by 2009 See Corporate Dealmaker: Is the timing right for a Motorola-Nortel JV? See Dealwatch: Carl Icahn Categories Deal Video
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