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Wednesday, December 04, 2013
Carl Icahn Pushes For New Apple Buyback Plan
Activist investor Carl Icahn said on Wednesday that he has filed a shareholder proposal with Apple for a much smaller stock buyback plan than he has advocated previously.
"Gave $AAPL notice we'll be making a precatory proposal to call for vote to increase buyback program, although not at $150 billion level," Icahn said in a tweet.
Icahn had been trying to convince Apple CEO Tim Cook to accept a buy back $150 billion worth of shares.
Icahn filed a shareholder proposal with Apple on November 26, three days before the deadline for measures to be voted on at the company's next annual shareholders meeting.
He clarified that his move is not a proxy fight.
Apple is currently in the midst of returning $100 billion to shareholders, including a share repurchase program of $60 billion.
Icahn has previously met with Apple CEO Tim Cook over dinner to discuss the program, and in October, he posted an open letter to Cook about the topic on his Web site.