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Icahn turns up heat on Apple, hints at proxy fight over $150B buyback

Gregg Keizer | Oct. 28, 2013
Billionaire trading activist and agitator Carl Icahn is turning the heat up on Apple, saying he would "test the waters" with a proxy fight if the company's board doesn't yield to his demand for an historic $150 billion stock buyback.

Some industry analysts have seconded that motion. "This is a clear indication that Icahn is increasing his aggressiveness on his attack on Apple," said Patrick Moorhead, principal analyst at Moor Insights & Strategy, and a past critic of Icahn's attempt to block Michael Dell's move to take his company private this year. "He also tied two metrics together, a $1,250 share price and a $150 billion share buyback, so we now know Icahn's expectations."

Apple will host its third-quarter earnings call Monday, Oct. 28, and will likely face questions then from Wall Street analysts about the buyback.

 

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