Motorola May Fight to Keep Icahn Off Board
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Comments suggest that Motorola may stand up to Carl C. Icahn as he presses the chief executive to use $11.2 billion in cash to buy back stock and reward investors.
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Motorola's latest move against its rival is a lawsuit.
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The day after announcing that 4,000 employees will be laid off, Motorola Inc. CEO Ed Zander told investors that he plans to boost profits with a wide range of multimedia handsets, instead of relying on a single blockbuster product like the Razr cell phone.
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Motorola Inc.'s  board will not endorse a nomination of billionaire financier Carl Icahn to join the board, the company said in a document filed with regulators late on Friday.
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By Mike Hughlett, Chicago Tribune  Sep. 20--Sure, a bar code reader lacks the "wow" appeal of a sleek cell  phone, but Motorola Inc. needs gadgets to beef up sales to business, too, not  just consumers.
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Billionaire investor Carl Icahn said   on Thursday that he will seek approval from ImClone Systems   Inc. IMCL.O stockholders to remove some directors from its   board and to fill one of the vacancies with his own nominee.
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Motorola Inc.'s investors were placated for at least a day Â and sent its battered stock soaring 10.3 percent Friday Â after the company signaled it may get out of its trademark cell-phone business.
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The electronics retailer might seek bankruptcy to fend off lenders.
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New Motorola Inc. CEO Greg Brown doesn't have the secret weapon his predecessor Ed Zander possessed when he arrived at the cell phone maker four years ago Â the Razr.
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Activist investor Carl Icahn on Friday called for BEA Systems Inc  to auction itself to the highest bidder and let shareholders decide its fate, two days before a $6.7 billion offer from Oracle Corp  was set to lapse.
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Motorola Inc. , the world's second-biggest maker of mobile phones, expects the first half of 2007 to be "rocky" before improving in the second half, Chief Financial Officer David Devonshire said on Wednesday.
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Billionaire investor Carl Icahn said on   Thursday he is seeking approval from shareholders of ImClone   Systems Inc. IMCL.O to remove six directors from its board,   including the chairman and the interim chief executive, and   bring in one of his own nominees.
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Aruba Networks Inc. countersued two divisions of Motorola Inc. Wednesday, adding a new twist to a wireless LAN (local area network) patent-infringement case that affects some of the biggest vendors in the business.
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Verizon Wireless' request that a court review the FCC's decision requiring open access to spectrum it is about to auction has met strong resistance from Google and a host of other groups.
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(InfoWorld) - A troubled Motorola has realigned itself as its criticalÂ cell-phone business slows down. The company sketched out the reorganization in a U.S. Securities and Exchange Commission filing Tuesday, two days before it is set to announce its second-quarter financial results. Last week, Motorola slashed its earlier revenue forecast for the quarter and predicted a larger loss, blaming lower phone sales. It also named a new chief of its mobile unit, Stu Reed. Other recent changes in the executive ranks have also rocked the company. Motorola is now split into three divisions: Mobile Devices, Home and Networks Mobility, and Enterprise Mobility Solutions. The company is moving its Good Technology mobile e-mail software business from the Mobile Devices division into Enterprise Mobility Solutions. Its carrier equipment business has been combined with home broadband products in the Home and Networks Mobility segment with the new enterprise unit focusing on private network products. The Home and Networks Mobility group is responsible for set-top boxes and digital video systems for carriers, home DSL and cable modems, and wired and wireless broadband network gear. The Enterprise group encompasses analog and digital two-way radio and other voice and data communications systems for government, businesses and Motorola's large public safety customer base. Good Technology, whichÂ Motorola acquiredÂ in a deal completed in February, is a mobile messaging platform with enterprise features like centralized lockdown of unwanted applications on the phone. It competes against Research in Motion's BlackBerry system and Nokia's Intellisync technology. After the rousing success of the slim Razr handset, which started out as a premium-priced bauble and quickly became a mass-market commodity, Motorola has had trouble coming out with an encore. A Razr 2 is expected later this year. New handsets from Nokia, Samsung, and LG Electronics had stolen the spotlight even before Apple's iPhone, which debuted June 29, became the talk of the industry. Meanwhile, sales for all makers have stagnated in higher-priced markets like North America and Europe while rising in lower-priced India and China, according to industry analysts. Last Wednesday, Motorola said it expected to report 35 million to 36 million handset sales in the second quarter, down from 45.5 million in the previous quarter. Its revenue forecast dropped from $9.4 billion to between $8.6 billion and $8.7 billion. The company now expects to lose between $0.02 and $0.04 in the quarter.
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Nortel Networks on Monday declined to comment on a news report that the company is negotiating with Motorola to combine wireless infrastructure units.&quot;Nortel doesn&#39;t comment on rumors and speculation,&quot; a Nortel spokesman said.The two companies are talking as a way to cut costs in a network equipment market that is consolidating and facing stiff competition, The Wall Street Journal reported Monday.The deal with Nortel would be separate from Motorola&#39;s announcement last month that it was&#160;considering spinning off its mobile handset business, the Journal reported. Motorola on Jan. 31 announced it was looking at separating the lagging handset division from the rest of its business.A Motorola spokeswoman wasn&#39;t immediately available for comment Monday.A combined wireless infrastructure unit would have sales around $10 billion, the Journal reported. Talks between Motorola and Nortel have been going on for about a month, the news report said, and under one scenario, Nortel would own a majority of the joint venture.Both companies have faced challenges recently. Motorola last month reported a loss of $49 million for 2007, due largely to declining handset sales.But fourth-quarter 2007 sales were up in the Home and Networks Mobility group, which makes set-top boxes and wireless infrastructure. The group saw sales rise 11 percent to $2.7 billion from the fourth quarter of 2006.Last year, the U.S. Securities and Exchange Commission charged seven former Nortel executives with participating in a 2003 accounting fraud by manipulating reserves to manage Nortel&#39;s earnings.Last February, Nortel announced it would lay off 2,900 employees and move another 1,000 jobs to low-cost locations throughout 2007 and 2008.
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Motorola Inc (MOT.N), the world's No. 3 mobile phone maker, said on Thursday it would explore strategic alternatives including a possible separation of its mobile devices business from its other units.