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Icahn gives up on Apple
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Old 12th February 2014, 08:47   #1
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Default Icahn gives up on Apple

Investor Carl Icahn has backed off from his cunning plan to force Apple to increase its stock buybacks.

Icahn said that the fruit themed cargo cult was already starting to buy back its shares, which was what he wanted. An influential proxy advisor's called for shareholders to ignore his proposal.

In a letter to Apple shareholders, Icahn wrote he was ditching his non-binding proposal to force Apple to add another $50 billion to its stock buyback plan, "especially when the company is already so close to fulfilling our requested repurchase target".

Icahn had been asking Apple to boost its stock buyback programme, proposing the iPhone maker invest its cash pile in collecting more than $50 billion shares to boost the price. Institutional Shareholder Services recommended shareholders vote against Icahn's nonbinding proposal, saying the motion would "micromanage" how the company uses capital.

http://news.techeye.net/business/ica...es-up-on-apple
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