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The Proxy Fight is over for Icahn

The proxy advisory firm for Apple Inc. (Nasdaq: AAPL) is recommending that shareholders vote against Carl Icahn’s proposed share buyback idea. According to the advisory firm ISS, Apple has returned more than enough to shareholder in the pass through dividend payouts and share buybacks. There is no need to cow tout to Icahn’s demands when Apple is already committed to an aggressive share buyback program according to ISS. In addition, according to ISS, voting yes to Icahn’s proposal would constraint the board and increases the level of micromanagement by Icahn in the future. In the face of the assessment from ISS, Icahn is no longer pursuing the share buyback initiative.