NEW YORK (AFP) ― Activist investor Carl Icahn said Monday he would no longer press Apple to boost its share buyback plan after a proxy advisory firm recommended against his proposal.
The billionaire said in an open letter to shareholders that Apple has already done much of what he was seeking, by repurchasing $14 billion in shares in recent weeks.
Icahn’s letter said he was “disappointed” by the recommendation against his plan from Institutional Shareholder Services.
But he maintained that “we do not altogether disagree with their assessment and recommendation in light of recent actions taken by the company to aggressively repurchase shares in the market.”
Since last year, Icahn has been increasing his stake in Apple and pressing management to boost its share buyback as a way to boost the value of the stock, which has fallen from highs in 2012.
