Icahn gives up Apple buyback plan after ISS urges ‘no’ vote

Home Forums Icahn gives up Apple buyback plan after ISS urges ‘no’ vote

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    Anonymous

    Technology News

    The Apple logo is pictured at its flagship retail store in San FranciscoBillionaire activist investor Carl Icahn has backed off from his campaign urging Apple Inc to 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 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.” Apple shares closed up 1.8 percent higher at $528.99 on Monday. For months Icahn had been asking Apple to boost its stock buyback program, proposing the iPhone maker 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.


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