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Technology Stocks : Motorola (MOT)

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From: Bill Wolf	11/30/2010 7:17:53 PM
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Motorola Sets Jan. 4 Phone Spin-Off, 1-For-7 Split By Tiernan Ray Shares of Motorola (MOT) rose 10 cents, or 1.3%, to $7.76 in late trading as the company announced after the bell that its board of directors approved the long-awaited spin-off of the company’s mobile phone division by January 4th. The spin-off will happen as a tax-free distribution of shares to Moto shareholders, with each holder receiving 1 share in the new Motorola Mobility company for every 8 shares they hold of Moto stock. The distribution is for shareholders of record as of December 21st. Moto said it will also do a reverse split of Motorola shares immediately following the distribution, on a 1-for-7 basis. Unfortunately, the names and tickers we’ve come to love will be ditched for dubious replacements: Motorola will become “Motorola Solutions” with a ticker on NYSE of MSI, while the handset group will be christened “Motorola Mobility Holdings,” with an MMI ticker on NYSE.

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