Subject: [NEXTEL-1] Motorola sells 25M Nextel shares

From: Marcel <[email-masked]>
Date: Wed, 12 Mar 2003 01:58:14 -0500

Motorola sells 25M Nextel shares

March 04, 2003 
1:16 PM EST

SCHAUMBURG, Ill.—Motorola Inc. sold 25 million shares of Nextel Communications Inc. to a
single investment bank for resale on the open market and has entered into agreements that
hedge the value of up to an additional 25 million Nextel shares during the next five
years. Motorola said it would realize more than $325 million in proceeds from the sale. 

Motorola said the initial sale, which was about 23 percent of the approximately 108
million Nextel shares it owned, was made to realize the price appreciation of some of its
investment in Nextel and to enhance its cash position. After the initial sale, Motorola
will own about 9 percent of Nextel’s outstanding stock. 

“We are entering into these transactions in order to realize a portion of the benefit from
the appreciation of our considerable equity investment in Nextel, while remaining one of
Nextel’s largest shareholders,” explained Christopher Galvin, chairman and chief executive
officer of Motorola. “Motorola continues to have great confidence in the ongoing success
of Nextel, a company with which we have had a long and mutually beneficial relationship.” 

Nextel’s stock was trading down, just under 1.5 percent in early Tuesday trading at $13.28
per share. 

http://rcrnews.com/cgi-bin/news.pl?newsId=7429

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