Icahn May Seek Proxy Fight Over Apple Buyback

Dec 5 2013 | 11:31am ET

Carl Icahn has cut the size of the stock buyback he'd like Apple Inc. to begin as he seeks shareholder support for the proposal.

Icahn late last month submitted a non-binding shareholder proposal for Apple's annual meeting next year. It calls for the company to repurchase $50 billion in shares on top of its current $60 billion buyback program.

Icahn had previously pushed for an immediate $150 billion buyback to return some of Apple's massive cash horde to investors. The new proposal would give Apple until September to complete the purchases.

"Apple is not a bank," Icahn told Time magazine, which has put him on its cover this week.

Icahn could drop his proposal if he reaches an agreement with Apple beforehand, and said he is continuing his discussion with Apple CEO Tim Cook.

"We've discussed a lot of things, and he asked a lot of questions, and really listened," Icahn said. In spite of Cook's refusal so far to give in to his demands, Icahn continued to lavish praise on him, telling Time, "Tim Cook is doing a good job with the business. I think he's good whether he does what I want or not."

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