Following a recommendation from the ISS to vote “no” to a proposal by Carl Icahn for Apple to buy back $50 billion in stocks, the billionaire investor has formally withdrawn his request. Icahn issued an open letter to investing partners on his Square Table site detailing his new position on the matter.
Icahn said the ISS’ assessment is in line with Apple’s recent market activities, which have included “aggressive” attempts at repurchasing market shares in recent weeks. It is the belief of Icahn that Apple has demonstrated an interest in reacquiring shares regardless of his proposal and could buy back as much as $32 billion this year, only $18 billion short of the proposed target.
With the potential for a big year from Apple, according to his own estimates, Icahn more or less gets to have his cake and eat it, too. After all, what’s a few billion here and there?
[via SquareTable]
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TAGS: Carl Icahn
