"Gave $AAPL notice we'll be making a precatory
proposal to call for vote to increase buyback program, although
not at $150 billion level," Icahn said in a tweet.
CNBC said Icahn's plan calls for a $50 billion buyback program.
Icahn had been urging Apple to buy back $150 billion worth of
shares. Icahn owns approximately 0.5 percent of Apple's
outstanding shares, according to Thomson Reuters data.
Icahn on Tuesday told Time magazine that he filed a shareholder
proposal with Apple on November 26, three days before the
deadline for measures to be voted on at the company's next
annual shareholders meeting.
Known for decades of strong-arm tactics, including proxy fights,
Icahn has repeatedly made it clear that his proposal is not a
sign that he is against Apple's management.
Icahn, who has already met Apple Chief Executive Tim Cook and
Chief Financial Officer Peter Oppenheimer to discuss the issue
in the past months, couldn't be immediately reached for comment.
"As part of our regular review process, we are once again
actively seeking our shareholders' input on our program, and as
we said in October, the management team and our board are
engaged in an ongoing discussion about it which is thoughtful
and deliberate," Apple spokesman Steve Dowling said. "We will
announce any changes to our current program in the first part of
Pushing for an additional $50 billion buyback is a major step
back from his earlier demand that Apple return an additional
$150 billion to shareholders. Apple is currently in the midst of
returning $100 billion to shareholders, including a share
repurchase program of $60 billion.
Icahn told Time magazine that Cook is willing to consider his
views and the last conversation he had with the Apple CEO was a
20-minute phone call on November 21.
Icahn said Cook found the "conversation sort of interesting."
"He said, 'Look, you've accomplished a lot, and we want to
listen to you.'"
[© 2013 Thomson Reuters. All
(Reporting by Poornima Gupta and Jennifer Ablan;
Leslie Adler, Bernard Orr)
Copyright 2013 Reuters. All rights reserved. This material may not be published,
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