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Apple Board Against Carl Icahn’s Share Buyback Proposal

According to various news reports, Apple Inc. (NASDAQ:AAPL) is recommending that its shareholders vote against Carl Icahn’s $50 billion share buyback proposal in 2014. Apple has already returned $23 billion to shareholders out of the $60 billion authorized share buyback increase in 2013. Icahn wants to double the payout rate to investors in 2014. However, Apple’s board is seeking other means to returning more cash to investors. The Icahn path is not efficient nor in the long term interest of shareholders according to the board. Icahn’s proposal will be voting on by shareholders on February 28th, 2014. This is going to be an interesting fight!