Ron Burgundy Posted February 10, 2014 Share Posted February 10, 2014 Billionaire activist investor Carl Icahn has backed off from his proposal that Apple Inc increase its stock buybacks, citing the company's recent repurchases as well as an influential proxy adviser's call against his proposal. In a letter to Apple shareholders on Monday, Icahn wrote he was ditching his efforts 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." Apple shares were up 2 percent at $530 in afternoon trading. For months Icahn had been asking Apple to boost its stock buyback program, proposing the tech giant repurchase another $50 billion. On Sunday, Institutional Shareholder Services Inc recommended shareholders vote against Icahn's nonbinding proposal, saying the motion would "micromanage" how the company uses capital. View the full article Quote Link to comment Share on other sites More sharing options...
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