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Icahn drops Apple buyback demand

Monday, 10 Feb 2014 | 10:03 AM ET

Feb 10 (Reuters) - Carl Icahn said he sees no reason to persist with his proposal that Apple Inc buy back $50 billion of its shares, given the recent share repurchases by the iPhone maker.

Icahn said in a letter to Apple shareholders posted on his website that he was pleased that Apple CEO Tim Cook and the board have exhibited an "opportunistic" and "aggressive" approach to share repurchases. ()

Apple said last week it repurchased $14 billion of its stock in the two weeks since it reported disappointing first-quarter results.

Icahn's statement comes a day after proxy advisory firm ISS said it recommended that Apple shareholders vote against the activist investor's share buyback proposal.

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