Icahn to withhold Apple shares in buy-back
·24 Oct 2013
Billionaire investor Carl Icahn said he would withhold his shares of Apple Inc from a $150 billion buyback that he has proposed for the iPhone maker.
“There is nothing short-term about my intentions here,” Icahn wrote in a letter to Apple Chief Executive Tim Cook dated October 23 and published on Thursday.
Icahn said he and his affiliates owned 4.7 million Apple shares as of Wednesday morning, a 22 percent increase since he met Cook for dinner in late September.
Icahn said in the letter that he believed Apple’s stock was undervalued.
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