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Icahn ups bid for Motorola board seat

Activist investor Carl Icahn buys more shares, intensifying effort to win one of cell phone maker's 13 director posts.

Carl Icahn Carl Icahn

Billionaire investor Carl Icahn, who is trying to win a board seat at Motorola, significantly increased his ownership of the company's stock, according to a document filed with the U.S. Securities and Exchange Commission on Monday. He has bought 59.4 million additional shares, taking a 2.38 percent stake in the company.

In January, Icahn acquired enough shares to take a 1.39 percent stake in the company and notified Motorola's board of directors that he wants to be considered for a seat. Last week, Motorola urged shareholders not to vote for him at the annual shareholder meeting scheduled for May. Icahn's initial proposal for a board seat came just weeks after Motorola had announced disappointing fourth-quarter earnings, as handset prices continued to decline. He wants the company to spend its $11.2 billion of cash to repurchase its shares. Meanwhile, Motorola's management team wants to use its cash to make investments to broaden its product portfolio.