Carl Ichan gives answer to Apple on Proxy proposal for Share Buyback, Buys 500 million dollars more in stock

Few weeks ago Apple gave a statement with the SEC advising shareholders to vote against Carl Icahn’s non-binding advisory share buyback proposal from December. This proposal will be voted on at Apple’s shareholder’s meeting. Icahn published a letter suggesting shareholders for a yes vote on its proposal.
 

He announced that he purchased additional 500 million dollars in Apple stock, bringing his cumulative sum to 3,6 bilion dollars. Icahn also revealed he surpassed 3 billion in AAPL ownership. He also said on CNBC that his criticism was reserved for Apple’s board of directors and not ins management.

He explains as purchase of Apple’s stock is a “no brainer”, and says Apple’s board should support Apple’s share repurchase program. He states that Apple's stock which is currently priced at $555 would be priced at $840 if its price to earnings ratio was the same as the average P/E across the S&P 500.


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