Billionaire investor Carl Icahn has increased his stake in Motorola by 1.2%, to 7.6%, according to Reuters report yesterday.
The activist investor settled a year-long proxy battle against Motorola in April, when the handset maker agreed to support two of four board nominees proposed by Icahn.
At the time, Motorola said that it would seek counsel from Icahn regarding its decision to split off its cell phone business and its search for a new head of the division.
According to the filing with the U.S. Securities and Exchange Commission, Icahn and affiliates purchased 172.2 million Motorola shares for $2.36 billion, including commissions.
Earlier this week, shareholders used Motorola’s annual meeting to blast the company’s board and management, questioning leadership and whether it should proceed with creating a separate division.