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  • Carl Icahn Says He is Finished Pressuring Apple

    As MMi reported last Thursday, Apple has confirmed its $14 billion repurchase of AAPL shares in a move that underscores the company's faith in its long-term prospects. As a direct result of that action, shares of AAPL have begun to climb once again, bouncing from the $500 level back to around $530 on Monday.

    Almost instantly, the financial world thought of billionaire investor Carl Icahn, who has publicly pressured Apple for months to use its vast cash reserves to buy more shares of AAPL. As it turns out, Icahn was pleased with the move, speaking out Monday for the first time since Apple's decision to repurchase more of its shares was announced.

    In a letter to shareholders, Icahn says he is backing off of his previous efforts.

    "We see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target," Icahn wrote. "Furthermore, in light of Tim Cook’s confirmed plan to launch new products in new categories this year (in addition to an exciting product roadmap with respect to new products in existing categories), we are extremely excited about Apple’s future."

    Additionally, Icahn concluded, "we are pleased that Tim and the board have exhibited the 'opportunistic' and 'aggressive' approach to share repurchases that we hoped to instill with our proposal. It is our expectation that Tim and the board continue to exhibit this behavior as fiduciaries to the shareholders since they clearly seem to agree that our company continues to be extremely undervalued, and we all share a common optimism with respect to the company’s bright long term future."

    Source: Carl Icahn
    This article was originally published in forum thread: Carl Icahn Says He is Finished Pressuring Apple started by Michael Essany View original post
    Comments 2 Comments
    1. AGuyInJail's Avatar
      AGuyInJail -
      I'm so pleased that Carl is pleased. Anything to get him to stop yapping about Apple, and especially barking at Tim and the Board. Buying a lot of shares does not entitle him to bully one of the most successful companies in history. Carl should stick to making money his way, and let Apple attend to it's business their way.
    1. Carvensno's Avatar
      Carvensno -
      I'm thinking the stock went up was because of the announcement of new product categories they plan on entering this year. Getting people thinking about what the future stock prices may go up to with new product launching. JMO though.