Wachtell Lipton Tapped to Handle Motorola Spat and Split
Wachtell, Lipton, Rosen & Katz is representing Motorola in its split into two publicly traded companies and its spat with an activist shareholder.
A spokesman told the American Lawyer that corporate partners Patricia Vlahakis and Gregory Ostling are handling the matter as well as the company’s proxy battle with shareholder Carl Icahn.
Motorola plans to split off its beleaguered cell phone unit, responding to criticism by Icahn, the Wall Street Journal reports (sub req.). The idea is that the sell-off will make it easier to attract a new chief executive officer and stem the exodus of company executives.
Icahn said he would not drop the proxy fight, despite the announcement. He filed a lawsuit on Monday seeking access to documents about Motorola’s cell phone business and its hiring records, Business Week reports. His likely strategy is to keep the company on the defensive, increasing the pressure to give in to his demands.
