"We believe Apple is dramatically undervalued in
today's market, and the more shares repurchased now, the more
each remaining shareholder will benefit ...," Icahn said in a
letter to Apple's board.
The investor, who owns about 53 million Apple shares, has in the
past urged Apple to return more of its cash to shareholders and
pressured the company to increase its stock buyback program and
raise its dividend.
"To preemptively diffuse any cynical criticism that you may
encounter with respect to our request ... we hereby commit not
to tender any of our shares if the company consummates any form
of a tender offer at any price," Icahn wrote.
Apple shares were up 1 percent at $101.78 in premarket trading
on Thursday.
(Reporting by Supantha Mukherjee in Bangalore; Editing by
Saumyadeb Chakrabarty)
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