Icahn Sells 2.9 Million Shares of Motorola

Date: Friday, November 25, 2011
Author: Ankur Banerjee, Reuters.com

Activist investor Carl Icahn reported in a regulatory filing that he sold 2.9 million shares of Motorola Mobility Holdings Inc. for $114 million.

Last week, Motorola said that its stockholders approved the $12.5 billion deal to be acquired by the search giant Google Inc.

The 2.9 million shares were sold at a slightly lower price than Google's offer of $40 a share for Motorola mobility.

In August, Google said it will buy the handset device manufacturer in its biggest deal ever, paying a steep premium of 63 percent.

Libertyville, Ill.-based Motorola's shares closed at $38.57 on Tuesday [Nov. 22] on the New York Exchange.

By Ankur Banerjee in Bangalore