2nd UPDATE: Motorola Spinoff Companies Begin Trading
2010年12月18日 - 5:54AM
Dow Jones News
As Motorola Inc. (MOT) preps for a formal split early next year,
the "when-issued" shares of its spinoff companies opened for
trading Friday.
Motorola Mobility Holdings Inc. (MMI), the company's smartphone
division, opened at $27.50, then fell 9.1% to $25. Motorola
Solutions Inc. (MSI), the business that makes public safety radios,
handheld scanners and telecommunications network gear, opened at
$39.25 and rose 3.2% to $40.51 in recent trading.
The market capitalization for Motorola Mobility is about $7.4
billion, while the market capitalization for Motorola Solutions is
about $13.7 billion at current market prices.
On Jan. 4, Motorola shares will cease trading under the MOT
ticker. Until then, Motorola Mobility will trade under the ticker
MMI.WI, and Motorola Solutions will trade under the ticker MSI.WI.
"When-issued" trading allows market participants to seek out the
market value for spinoff stocks ahead of the official split.
Motorola shares traded down two cents at $8.87 after the stock
climbed to its highest level in over a year, $8.95, during
Thursday's session.
Shareholders of record as of Dec. 21 will receive one share of
Motorola Mobility for every eight shares owned. The company will
then carry out a reverse split, where one share Motorola Solutions
stock will be issued for every seven shares of old Motorola
stock.
A spokesman for Motorola did not immediately comment.
Susquehanna Bancshares Inc. analyst Jeffrey Fidacaro said the
current price for Motorola Solutions is roughly in line with his
expectations. Fidacaro published a report earlier this week that
estimated the fair value for the stock, or the expected trading
level a year from now, at about $38 per share.
Shares of the smartphone arm are trading at the conservative
side of his estimates, however. Fidacaro forecasted Motorola
Mobility shares would be fairly valued around $35 per share in the
report.
But Fidacaro said it is still too early to gauge what investor
demand will be for Motorola Mobility shares, noting that trading
activity seemed to perk up once the stock fell to $25 per
share.
The telecom-equipment maker has been preparing for the split
since early 2008, when the company agreed to spin off its handset
business after pressure from activist investor Carl Icahn.
--By Chris Dieterich, Dow Jones Newswires; 212-416-2611;
christopher.dieterich@dowjones.com
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