Business

Motorola Mobility sets Nov. 17 vote on Google deal

Posted October 14, 2011 12:00 am

Associated Press

Libertyville-based cCellphone maker Motorola Mobility Holdings Inc. said Friday that its shareholders will vote Nov. 17 on whether the company should accept Google Inc.'s $12.5 billion offer.

The board had already accepted the offer when it was announced in August, and shareholder approval is virtually guaranteed. The deal is expected to close late this year or early next year.

Shareholders will also get to vote on “golden parachute” payments for executives. For instance, Motorola CEO Sanjay Jha stands to get $66 million if the deal goes through, in the form of a cash bonus and accelerated vesting of stock options and shares.

Motorola Mobility Holdings Inc. is one half of the old Motorola Inc., which split up in January. The other half is Motorola Solutions Inc., which makes police radios, bar-code scanners and other equipment for government and corporate clients.

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