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Icahn says 'I can't' and stops $50B fight over Apple stock buyback

2014-02-11 13:46:31| InfoWorld: Top News

Investment agitator and former corporate raider Carl Icahn today tossed in the towel in his fight to get Apple to boost its share buyback program by another $50 billion after an influential proxy advisory service nixed the idea. The white flag put an end to a months-long campaign by Icahn that some analysts said was at best a distraction to Apple, at worst trouble -- the kind with a capital "T."

Tags: stock apple fight stops

Icahn backs off from Apple buyback plan

2014-02-10 22:33:00| Telecompaper Headlines

(Telecompaper) Investor Carl Icahn has abandoned his months-long campaign to get Apple to buy back additional portions of its stock, following news that a major advisory firm and investor would not offer support for the plan, reported CNN. In an open letter to Apple shareholders, Icahn said he agrees with ISS, an advisory firm, that Apple has already bought back a large amount of its stock, and there is not a need for more aggressive action. "While we are disappointed that last night ISS recommended against our proposal, we do not altogether disagree with their assessment," read the letter, which noted that Apple is on course to buy back USD 32 billion in shares during 2014, an amount that is USD 18 billion short of what Icahn was asking for. "In light of these actions, and ISS's recommendation, 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," the letter said. New York City Comptroller, Scott Stringer, who controls investments in the city's pension plan and is a major investor in Apple, also disagrees with Icahn's buyback plan. Icahn has purchased more than USD 4 billion in Apple stock since summer 2013 and had been pushing the company to buy back additional stock and launch new products at a faster pace.

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Icahn abandons Apple share plan

2014-02-10 17:07:44| BBC News | Business | UK Edition

Activist investor Carl Icahn says he sees "no reason to persist" in his attempt to force Apple to return more money to shareholders.

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Ebay rejects Icahn proposal for PayPal spin-off

2014-01-23 09:24:00| Telecompaper Headlines

(Telecompaper) Activist investor Carl Icahn has taken a 0.82 percent stake in eBay and proposed the company spin off its PayPal business. Icahn also proposed two of his employees to Ebay's board of directors. Ebay said it would consider the board nominations, but rejected the proposal to spin off PayPal. The company said its board had already explored a spin-off or separation of PayPal in detail, but concluded a break-up of the group was not the best strategy. As part of the group, PayPal is able to leverage the company's technology capabilities, commerce platforms and relationships with retailers, brands and large merchants worldwide, eBay said. "Payment is part of commerce, and as part of eBay, PayPal drives commerce innovation in payments at global scale," the company added.

Tags: ebay paypal proposal rejects