Motorola announced it is separating its mobile-devices and broadband and mobility-solutions businesses, creating two independent, publicly traded companies. The company expects the creation of two stand-alone businesses to take the form of a tax-free distribution to Motorola shareholders. Shareholders would subsequently own shares of two publicly traded companies.
The move sent Motorola shares up 6.4% in premarket trading to $10.35 and meets a request long sought by activist investor Carl Icahn, who is seeking representation on the company's board and sued the company earlier this week to get documents related to the mobile business.
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