Mobile Tech Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
News & Product Reviews for Mobile Tech Users
APC Free White Paper
Optimize your network investment &
Enter to win a Samsung Galaxy Note

www.apc.com
Thursday, April 24th 
24/7/365 Network Uptime!
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Laptops & Tablets
Mobile Phones
Mobile Gadgets
Mobile Apps
BYOD & MDM
iPad
Mobile Industry News
Wireless Connectivity
Wireless Security
GPS & Maps
MTT Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

Mobile Industry News

Icahn Retreats from Apple Battle on Stock Buybacks

Icahn Retreats from Apple Battle on Stock Buybacks
February 12, 2014 9:30AM

Bookmark and Share
Billionaire investor Carl Icahn dropped his push for a larger share buyback from Apple after it appeared the idea faced mounting opposition from other stockholders who supported the company's board. Icahn cited Apple's recent flurry of stock repurchases as one of the reasons for his change of heart, saying he was pleased with the moves.

Neustar, Inc. (NYSE: NSR) is a trusted, neutral provider of real-time information and analysis to the Internet, telecommunications, information services, financial services, retail, media and advertising sectors. Neustar applies its advanced, secure technologies in location, identification, and evaluation to help its customers promote and protect their businesses. More information is available at www.neustar.biz.

Activist investor Carl Icahn is retreating from his battle with Apple's board of directors, ending a high-profile campaign to pressure the iPhone maker into spending more money to buy back its own stock.

The about-face outlined in an Icahn letter to Apple's shareholders figures to turn the company's Feb. 28 annual meeting into a more sedate affair.

Icahn had been trying to drum up support for a non-binding proposal urging Apple Inc. to spend at least $50 billion buying back its shares during the fiscal year ending in September. The idea faced mounting opposition from other stockholders who supported the company's board.

To hit Icahn's target, Apple's board would have had to increase the volume of stock buybacks authorized under a program unveiled last year. That plan allows Apple to spend $60 billion on its stock through December 2015. The company only had $37 billion still left for stock purchases under that plan as it began the fiscal year.

That means the board would have had to expand the stock repurchase program to placate Icahn, an irascible billionaire who has a long history of pestering companies to embrace his ideas after buying large stakes in them. Icahn began buying Apple stock about six months ago and has said he owns more than $3 billion worth of the shares. His holdings translate to a stake of less than 1 percent.

Apple declined to comment Monday. The Cupertino, Calif., company previously has said it remains committed to making sensible use of the nearly $159 billion in cash that it held at the end of December.

Apple CEO Tim Cook said the company spent $14 billion buying back stock in the past two weeks. Shares had dropped 8 percent following a quarterly earnings report that disappointed Wall Street.

Icahn cited Apple's recent flurry of stock repurchases as one of the reasons for his change of heart.

"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," Icahn wrote in an open letter to Apple's shareholders. He also said he is excited about Cook's pledge to release new products this year that will expand Apple's line-up beyond smartphones, tablets and personal computers.

Apple's stock gained $9.31, or nearly 2 percent, to close at $528.99. The stock remains about 25 percent below its peak reached in September 2012. Investors are fretting about Apple's slowing growth amid tougher competition in the mobile device market. (continued...)

1  |  2  |  Next Page >

 

© 2014 Associated Press/AP Online syndicated under contract with NewsEdge. All rights reserved.

Tell Us What You Think
Comment:

Name:



 Mobile Industry News
1. OnePlus One Boasts Android Weapon
2. Samsung: $2.2B Too Much for Apple
3. Microsoft-Nokia Deal Closes this Week
4. Mobile Ad Platform From Facebook?
5. Google, Rockstar Suit Stays in Calif.




 Most Popular Articles
1. Google Glass Finds a Home in Medical Education, Practice
2. HP Rolls Out New Software-Defined Network Products
3. Smartphone Kill Switch Could Save Users $2.6B a Year
4. Avaya Aims To End Network Waiting Game
5. Google Video Shows Off Modular Project Ara Phone

 Related Topics  Latest News & Special Reports

  OnePlus One Boasts Android Weapon
  Samsung Gear Fit Geared for Exercise
  Google Sharpens Contact Lens Vision
  Samsung: $2.2B Too Much for Apple
  Review: Windows Phone Advances

 Technology Marketplace
Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise Hardware
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
What Verizon's Data Breach Report Can Teach Enterprises
It’s probably not a jaw-dropper, but cyberespionage is officially on the rise. And the use of stolen or misused credentials is still the leading way the bad guys gain access to corporate information.
 
Top Cyberthreats Exposed by Verizon Report
Beyond Heartbleed, there are cyberthreats vying to take down enterprise networks, corrupt smartphones, and wreak havoc on businesses. Verizon is exposing these threats in a new report.
 
Where Do Web Sites Stand, Post-Heartbleed?
A security firm says the vast majority of Web sites have patched themselves to protect against the Heartbleed bug, but now there are questions raised on the reliability of open-source programs.
 
Navigation
Mobile Tech Today
Home/Top News | Laptops & Tablets | Mobile Phones | Mobile Gadgets | Mobile Apps | BYOD & MDM | iPad
Mobile Industry News | Wireless Connectivity | Wireless Security | GPS & Maps | MTT Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 Mobile Tech Today. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.