February 27, 2012
Motorola Solutions, Inc. Purchases Approximately $1.2 Billion of its Common Stock from Icahn
SCHAUMBURG, Ill. – Feb. 27, 2012 – 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 a registration statement that is filed with and declared effective by the Securities and Exchange Commission.