Icahn says to withhold shares from proposed Apple buyback
Oct 24 (Reuters) - Billionaire investor Carl Icahn said he would withhold his shares of Apple Inc from a $150 billion buyback that he has proposed for the iPhone maker.
"There is nothing short-term about my intentions here," Icahn wrote in a letter to Apple Chief Executive Tim Cook dated Oct. 23 and published on Thursday. (http://r.reuters.com/cuh24v)
Icahn said he and his affiliates owned 4.7 million Apple shares as of Wednesday morning, a 22 percent increase since he met Cook for dinner in late September.
Icahn said in the letter that he believed Apple's stock was undervalued.
(Reporting by Soham Chatterjee; Editing by Robin Paxton)