Yesterday, Apple filed a proxy statement, through which the company persuades its shareholder to vote against Icahn’s plan of enhancing the money for buying back the shares.
Carl Icahn, one of the top business magnates of America, plans to push Apple for a massive $50 billion buyback program, which has been intensely criticized by the people. As the proposal is a “non-binding advisory resolution”, the shareholders’ approval will not force Apple to obligate the decision.
In the upcoming shareholder meeting, scheduled to be held on 28th February, Icahn’s proposal will be brought to the Apple investors. Knowing this fact, the tech giant is suggesting the investors to vote against the massive share buyback proposal.
According to CNET, in addition to the suggestion, Apple assured the shareholders that the company is devoted to bring the money back to the investors.
The statement reads, “The board and management team are thoughtfully considering options for returning additional cash to shareholders and are currently seeking input from shareholders as part of the Company’s regular review.”
However, Icanh hasn’t made any comment regarding the statement.