Icahn Eyes JC Penney and Motorola

February 4th, 2008
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Carl C. Icahn has acquired a significant amount of shares in retailer J.C. Penney indicating that he may see potential in the damaged retail sector. Like many other stores, the turndown in the housing market and decline in consumer spending, have caused Penney's shares to have fallen by 42 percent in the past 12 months. However, shares have been on the rise again since Friday afternoon, closing at $48.90, up 2.4 percent showing some signs of promise for the future of department store.

Icahn also announced four potential candidates for board seats at Motorola. The list, which includes Frank Biondi, William R. Hambrect, Lionel C. Kimerling, and Keith Meister is under review by Motorola with a decision expected in the coming weeks. Icahn, who holds a 4.9 percent stake in the company, gained a seat on the board last year after Edward J. Zander was removed.
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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