Carl Icahn Drops Apple Buyback Proposal

wochit technology
February 10, 2014 AT 7:10 AM
Activist investor Carl Icahn has had a change of heart as it relates to his desire for Apple to boost its stock buyback program. In a letter to Apple shareholders on Monday, Icahn wrote that he has decided to ditch his "non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target." Icahn for months has been requesting Apple CEO Tim Cook boost his company's plans for a stock buyback program. When companies buy back shares, they effectively reduce any watering-down of share value, giving large shareholders even more value in a company.