Icahn says to withhold shares from proposed Apple buyback

Thursday, 24 Oct 2013 | 10:04 AM ET

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)

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