The activist investor said that with Apple's move last week to buy $14 billion in shares, as well a recent ISS comment, it makes no sense to continue on with his proposal. February 10, 2014 6:50 AM PST Activist investor Carl Icahn has had a change of heart as it relates to his desire for Apple to boost its stock buyback program. In a letter to Apple shareholders on Monday, Icahn wrote that he has decided to ditch his "non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target." Icahn for months has been requesting Apple CEO Tim Cook boost his company's plans for a stock buyback program. When companies buy back shares, they effectively reduce any watering-down of share value, giving large shareholders even more value in a company. Because Icahn is a major investor in Apple, he was hopeful that the company would buy back $50 billion. More to come...
The activist investor said that with Apple's move last week to buy $14 billion in shares, as well a recent ISS comment, it makes no sense to continue on with his proposal.
Activist investor Carl Icahn has had a change of heart as it relates to his desire for Apple to boost its stock buyback program.
In a letter to Apple shareholders on Monday, Icahn wrote that he has decided to ditch his "non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target."
Icahn for months has been requesting Apple CEO Tim Cook boost his company's plans for a stock buyback program. When companies buy back shares, they effectively reduce any watering-down of share value, giving large shareholders even more value in a company. Because Icahn is a major investor in Apple, he was hopeful that the company would buy back $50 billion.
More to come...
