Motorola Solutions, Inc. Purchases Approximately $1.2 Billion of Its Common Stock from Icahn
February 27 2012 - 7:00AM
Business Wire
Motorola Solutions, Inc. (NYSE: MSI) ("the Company") announced
today that it entered into a Stock Purchase Agreement with
Carl Icahn and certain of his affiliates (“Icahn”) pursuant to
which, among other things, the Company has
purchased 23,739,362 shares of its common stock (the “Shares”)
at a price of $49.15 per share, for aggregate cash consideration of
$1,166,789,642. The Company’s purchase of the Shares was made
pursuant to existing authorization under its $3.0 billion stock
repurchase program.
As part of the transaction, Vincent J. Intrieri, a director of
Icahn Enterprises G.P. Inc. and the general partner of Icahn
Enterprises L.P., has agreed to resign from the Company’s board of
directors effective as of the settlement of the Company’s purchase
of the Shares.
“I would like to thank Vince for his service on the Board,” said
Greg Brown, chairman and CEO of Motorola Solutions. “His
contributions, along with Carl’s, have been constructive and are
appreciated.”
This press release is not an offer to sell nor a solicitation of
any offer to buy any securities in any state or jurisdiction nor
shall there be any sale of Motorola Solutions' securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any jurisdiction. Motorola Solutions'
securities may not be offered or sold in the United States absent
registration under or any exemption from the registration
requirements of the Securities Act of 1933, as amended. Any public
offering of Motorola Solutions' securities to be made in the United
States will be made only by means of a registration statement that
is filed with and declared effective by the Securities and Exchange
Commission.
About Motorola Solutions
Motorola Solutions is a leading provider of mission-critical
communication solutions and services for enterprise and government
customers. Through leading-edge innovation and communications
technology, it is a global leader that enables its customers to be
their best in the moments that matter. Motorola Solutions trades on
the New York Stock Exchange under the ticker “MSI.” To learn more,
visit www.motorolasolutions.com. For ongoing news, please visit our
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MOTOROLA, MOTOROLA SOLUTIONS and the Stylized M Logo are
trademarks or registered trademarks of Motorola Trademark Holdings,
LLC and are used under license. All other trademarks are the
property of their respective owners. ©2012 Motorola Solutions, Inc.
All rights reserved.
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