Motorola to split into two companies |
| MarketWatch - Mar 26, 2008 |
In the face of growing pressure to shore up its ailing stock price, Motorola Inc.'s board of directors had approved a plan to break into two independent, publicly traded entities, the company said Wednesday.
Motorola said one company will focus on its mobile-devices business and the other will specialize in broadband and mobility solutions. The transaction's expected to take place in 2009.
Based on current plans, the creation of the two stand-alone businesses is expected to take the form of a tax-free distribution to Motorola's shareholders, subject to further financial, tax and legal analysis.
Shares of Motorola traded up more than 4% shortly after the open. On Tuesday, they closed at $9.76 and are down about 50% from year-ago levels.
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- Posted: 2008-03-26 09:16:04
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