Icahn’s Proposal for $50 Billion Apple Buyback Opposed by ISS
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Activist investor Carl Icahn’s push for Apple Inc. to buy back $50 billion of stock this year was opposed by an influential proxy-voting service, which said such a motion would “micromanage” how the company uses capital.
Investors should vote against the non-binding proposal, Institutional Shareholder Services Inc. said in a Feb. 9 report. Icahn said last month he increased his Apple stake by $500 million to about $3.6 billion.