Carl Icahn backs off from Apple share buyback proposal
11 Feb 2014 9:57 PM IST
Icahn tells Apple shareholders in a letter that he sees no reason to persist with his proposal in light of the Cupertino, California, company's recent buybacks and a recommendation from an influential firm that gives advice to big shareholders.
Institutional Shareholder Services says the Icahn proposal would micromanage Apple Inc's capital allocation process.
Apple has repurchased $14 billion of its stock in the two weeks since it reported first-quarter financial results and a second-quarter revenue outlook that disappointed investors.
Icahn's letter comes a few days after a message posted on his Twitter account urged Apple CEO Tim Cook to keep repurchasing shares.
Institutional Shareholder Services says the Icahn proposal would micromanage Apple Inc's capital allocation process.
Apple has repurchased $14 billion of its stock in the two weeks since it reported first-quarter financial results and a second-quarter revenue outlook that disappointed investors.
Icahn's letter comes a few days after a message posted on his Twitter account urged Apple CEO Tim Cook to keep repurchasing shares.
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