Icahn Abandons Apple Proxy Battle

Feb 10 2014 | 11:47am ET

Carl Icahn is calling off his proxy fight with Apple Inc.

Icahn had been pushing a non-binding shareholder resolution calling on Apple to increase its share buyback program by $50 billion. But he said today in an open letter to Apple shareholders that he sees "no reason to persist" with the measure, after an influential proxy service urged its rejection.

Icahn wrote this morning that he was "disappointed" by Institutional Shareholder Services' recommendation that Apple stockholders vote "no" on his proposal. But he said he does not "altogether disagree with their assessment and recommendation in light of recent actions taken by the company," notably its aggressive share repurchases in recent weeks. Icahn noted that, with its recent buys, Apple is "already so close to fulfilling our requested repurchase target."

ISS cited Apple board's "good-faith efforts and its part stewardship" in deciding against the Icahn effort. Fellow proxy advisory Egan-Jones Proxy Services also recommended the proposal's rejection, and New York City Comptroller Scott Stringer said he would do the same. New York's five public pension funds own $1.3 billion in Apple shares.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

With NFL season on the horizon, it’s time to take a look at our Fantasy Football value picks. Last year, we nailed it on Drew Brees, Jordan Howard, Frank Gore and Dwayne Allen. We missed pretty badly on Duke Johnson, Demaryius Thomas, Mohammed Sanu and Eli Manning.