Boston, MA 02/10/2014 (wallstreetpr) – Apple Inc. (NASDAQ:AAPL) shares are one of the highest valued technology stocks and coveted. One of the largest holders of this stock is billionaire investor Carl Icahn, not unlike the legendary Warren Buffet. However, Icahn differs on the quality of portfolio he holds and has since been keen on an Apple buyback proposal valued at $50 billion.
However, ISS has since voted not to allow a buyback.
Much disappointed Icahn in an open letter to Apple Inc. (NASDAQ:AAPL) Shareholders, he shares that despite the vote-out, Apple Inc has already bought over $14billion worth shares in the previous two weeks. It has announced further buyback of $32 billion in this financial year.
Open letter to shareholders nails Tim Cook
Apple Inc. (NASDAQ:AAPL) ISS had proposed that given the options avenues for allocating capital, there has been slow-progress on the excess cash being returned to the shareholder. Further, ISS has proposed that the board choose to invest $18 billion on share buyback in this year.
Apple Inc. (NASDAQ:AAPL) s Tim Cook has admitted that the proposals thus far and the repurchase of shares by the company are indicative of the drive to be aggressive and chose to be ‘’opportunistic’ in the purchases made.
Apple Inc. (NASDAQ:AAPL) is expected to have a great year ahead as it promises new products, It is expected that the company will probably have new categories of products. These will be over and above the current product categories and newer products in these niches as well.
However Icahn did not fail a last-ditch retort, pointing that Tim Cook and his cohorts continued to play the role of fiduciaries in the recent turn of events. This apart, their commit to bring new and opportunistic products will drive the company forward. Both are optimistic about the future of the company from their respective view-points according to Icahn.