Apple has a huge pile of cash: At the close of the quarter that ended June 30, it reported nearly $147 billion in cash, securities and other investments. Most of that, however, was banked overseas. Apple has resisted calls to repatriate it to the U.S. because it would have to pay taxes on those monies.
In fact, Apple borrowed some of the money it will use on its current buyback arrangement.
Icahn played a major role in opposing Michael Dell's bid to privatize the PC maker that carries his name. In early September, however, Icahn and his associates tossed in the white towel, even as he claimed his opposition prompted Michael Dell and his investors to bump up the price they'd pay for each share.
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