Wednesday, 22 February 2017
Last updated 9 min ago
Mar 4 2013 | 2:53pm ET
Having forced Apple Inc. to drop a proxy proposal it opposed, Greenlight Capital is laying down its arms.
The hedge fund last week dropped its lawsuit against the company, following Apple's annual shareholder meeting. "Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue," a Greenlight spokesman said.
Greenlight had sued Apple to prevent a vote on a proposal that would have required shareholder approval for issuance of preferred shares; the hedge fund, which opposed the proposal, argued that Apple had improperly bundled it with two other corporate governance matters, and a federal judge agreed last month. Apple held its annual meeting on Wednesday.
Greenlight wants Apple to issue preferred shares as a way of returning some of its $137 billion cash horde to investors.