Investor/agitator Carl Icahn (mostly) gets his way: Motorola (MOT) will nominate two of Icahn’s four picks to its board, installing one immediately. In return, he’ll end his proxy battle against Motorola and will pull his lawsuit against the company, filed last month.
In a release this morning, Motorola says it will nominate Icahn pals William R. Hambrecht and Keith Meister to its board, appointing Icahn fund manager Meister immediately. Last month, Motorola had offered Icahn two seats — he was seeking four — but specifically insisted Meister couldn’t be one of them.
In exchange, Icahn, who owns 6.4% of the company, agrees to end his proxy battle against Motorola and to vote his shares in support of all the board’s nominees. All pending lawsuits between Icahn and Motorola will also be dismissed. Shares are up 2.4% this morning. Release.
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