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Motorola Solutions (NYSE:MSI) buys $1.2-B of stock from Carl Icahn

MSI, GOOG, TWX, CLX

Motorola Solutions Inc., which split in half a year ago following pressure from Carl Icahn, bought $1.17-B of its stock from the billionaire investor and said his representative on the board is stepping down.

The repurchase, representing about 7% of shares outstanding, is part of a $3-B buyback program, Illinois-based Motorola Solutions said today in a statement. Vincent J. Intrieri, a director of Icahn Enterprises G.P. Inc., has agreed to resign from the board.

Icahn pushed Motorola to spin off its mobile-phone unit after 4 yrs of agitating for change. Motorola Solutions had gained 24% since the 4 Januany 2011 separation before today, outperforming the 7.5% gain in the Standard & Poor’s 500 Index. The spun-off business, Motorola Mobility Holdings Inc., is being bought by Google Inc. (NASDAQ:GOOG) for $12.5-B.

Motorola Solutions purchased 23.7-M of its common stock at 49.15/she from Icahn and some of his affiliates. As of 1 January, Icahn Associates Corp. owned 38.3-M/shr of Motorola Solutions, the largest stockholder in the company, according to data compiled by Bloomberg. With 14.6-M/shr left, Icahn’s stake was cut to about 4.6%, according to the data.

Shares MSI, the maker of radio equipment for emergency workers and scanning devices for retailers rose 1.5% to 50.15 at the close in New York.

Icahn built his reputation as a corporate raider in the 1980′s targeting companies such as Phillips Petroleum Co., Texaco Inc. and Trans World Airlines Inc. He recently sparred with management at Time Warner Inc. (NYSE:TWX) and Clorox Co.(NYSE:CLX) He often spends years holding stocks as he waits for investments to pay off.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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