Icahn Seeks Non-Binding Apple (AAPL) Shareholder Vote on Increased Buyback
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Price: $321.66 -1.3%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
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(Updated - December 4, 2013 3:30 PM EST)
On Twitter, Carl Icahn said he sent Apple (Nasdaq: AAPL) notice that he'll be making a precatory proposal to call for a vote to increase the company's buyback program. He said the proposal will not be at the $150 billion level he previously called for and CNBC reported Icahn is now calling for a buyback of "at least" $50 billion in the current fiscal year.
Mr. Icahn told TIME magazine that he filed the shareholder proposal with Apple on Nov. 26, three days before a deadline. With the measure being in the form of a precatory proposal, even if a majority of Apple shareholders approve it, management is not bond to comply.
Apple confirmed to TIME that Icahn filed a precatory proposal, and said its management team and board are actively reviewing their current capital return plan. "Earlier this year we more than doubled our capital return program to $100 billion, including the largest share repurchase authorization in history. As part of our regular review process, we are once again actively seeking our shareholders' input on our program, and as we said in October, the management team and our board are engaged in an ongoing discussion about it which is thoughtful and deliberate. We will announce any changes to our current program in the first part of calendar 2014," said Apple spokesman Steve Dowling.
Shares of Apple are down 0.3% to $564.78 into the close.
Below is the TIME cover this week with Icahn gracing it:
On Twitter, Carl Icahn said he sent Apple (Nasdaq: AAPL) notice that he'll be making a precatory proposal to call for a vote to increase the company's buyback program. He said the proposal will not be at the $150 billion level he previously called for and CNBC reported Icahn is now calling for a buyback of "at least" $50 billion in the current fiscal year.
Mr. Icahn told TIME magazine that he filed the shareholder proposal with Apple on Nov. 26, three days before a deadline. With the measure being in the form of a precatory proposal, even if a majority of Apple shareholders approve it, management is not bond to comply.
Apple confirmed to TIME that Icahn filed a precatory proposal, and said its management team and board are actively reviewing their current capital return plan. "Earlier this year we more than doubled our capital return program to $100 billion, including the largest share repurchase authorization in history. As part of our regular review process, we are once again actively seeking our shareholders' input on our program, and as we said in October, the management team and our board are engaged in an ongoing discussion about it which is thoughtful and deliberate. We will announce any changes to our current program in the first part of calendar 2014," said Apple spokesman Steve Dowling.
Shares of Apple are down 0.3% to $564.78 into the close.
Gave $AAPL notice we’ll be making a precatory proposal to call for vote to increase buyback program, although not at $150 billion level.
— Carl Icahn (@Carl_C_Icahn) December 4, 2013Below is the TIME cover this week with Icahn gracing it:
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