Icahn boosts stake in Motorola
NEW YORK (Reuters) - Activist shareholder Carl Icahn raised his stake in mobile phone maker Motorola, according to a regulatory filing.
The billionaire investor had increased his stake to 203.33 million shares, or around 8.75 percent of outstanding shares in Motorola, as of May 7, according to a recent filing with the U.S. Securities and Exchange Commission.
As of the end of 2009, Icahn Associates Corp owned 119.79 million shares, or a 5.15 percent stake.
Motorola plans to split into two separate entities next year in an effort to revamp the company. Its mobile phone business has lost ground to rivals in the last few years.
Motorola shares closed at $6.94 on Monday, up 5.15 percent, or 34 cents, as the market rose sharply on Monday. It moved up to $6.96 after hours.
Icahn owns stakes in a wide range of industries, and is known for his aggressive moves to influence management at companies like Time Warner Inc (TWX.N) as well as biotech firms like Genzyme Corp GENZ.O.
Icahn earlier on Monday extended his $7 a share tender offer for Lions Gate Entertainment Corp (LGF.N), although the studio said the low volume of shares tendered indicates shareholders have rejected the bid.
(Reporting by Ritsuko Ando; editing by Carol Bishopric)