Icahn Backs Off $50B Apple Buyback Calls Amid Blowback

Law360, New York (February 10, 2014, 10:30 AM EST) -- Carl Icahn on Monday withdrew his proposal for Apple Inc. to launch a $50 billion buyback program amid blowback from a top proxy adviser and New York City's comptroller, saying the tech giant's existing plans to repurchase shares are aggressive enough.

The billionaire activist had been needling at California-based Apple for months, initially calling for a mammoth $150 billion buyback program. Even after he scaled down his request to cover just $50 billion in stock buys over the next year, marketplace support for Icahn's plan waned...
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