Monday, April 21, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Carl Icahn ups ante in crusade for Apple buyback

SAN FRANCISCO — Activist investor Carl Icahn is seeking the support of Apple shareholders as he tries to pressure the iPhone maker into spending more of its cash to buy back the company’s stock.

Icahn fired the latest volley in his two-month-old crusade with a Wednesday disclosure that he has submitted a proposal to Apple Inc. that would enable the company’s shareholders to vote on his ideas early next year. The announcement came on Icahn’s own Twitter account and in an interview with Time magazine.

The attempt to gather more allies for Icahn’s cause could set up a showdown between an acerbic billionaire and one of the world’s most powerful companies.

But this battle seems unlikely to be as acrimonious as the many other attacks that Icahn has led on corporate boards that haven’t acceded to his wishes after he has bought large stakes in their companies.

As he has in previous public statements, Icahn used his Time interview to express his admiration for Apple CEO Tim Cook, one of the eight directors on the company’s board.

“Tim Cook is doing a good job with the business,” Icahn told Time. “I think he’s good whether he does what I want or not.” The comments were made as part of a Time story that hails Icahn as “the most important investor in America” on the magazine’s cover.

In another sign that Icahn is trying to maintain a cordial relationship with Apple even as he pesters the company, he made his proposal in a “precatory” form that makes it nonbinding even if a major of shareholders vote for it. Nevertheless, Apple’s board could face a backlash if it ignored the will of shareholders, even on a nonbinding measure.

Icahn, 77, didn’t respond to a request for comment. He has been pushing Apple to spend $150 billion buying back its own stock since hosting Cook at a dinner in his New York apartment in late September. That meeting came after Icahn notified Apple that he had been accumulating stock in the company because he believes the shares are undervalued.

In his Wednesday tweet, Icahn said he is no longer pressing for Apple to spend $150 billon buying back its stock. He didn’t specify a new target amount.

In his last public disclosure made in late October, Icahn said he owned 4.7 million Apple shares, or less than 1 percent of the company’s stock.

Apple confirmed it has received Icahn’s proposal, but didn’t reveal anything about its content or whether it met the criteria to be included on the agenda of the company’s annual meeting. The Cupertino, Calif. company hasn’t set the date for the meeting yet, but it is usually held in late February.

“As part of our regular review process, we are once again actively seeking our shareholders’ input on our program, and as we said in October, the management team and our board are engaged in an ongoing discussion about it which is thoughtful and deliberate,” Apple spokesman Steve Dowling said. He said the board will announce any changes to its plans for its $147 billion cash hoard early next year.

Under pressure from other shareholders earlier this year, Apple agreed to spend $60 billion buying back its stock. That is in addition to about $40 billion in dividend payments that Apple expects to distribute to shareholders during the next three years.

As of late September, Apple had exhausted $23 billion of its budget for buying back its shares.

Apple’s stock fell $1.32 Wednesday to close at $565. The shares have gained 6 percent this year. That lags the Standard & Poor’s 500 index, which has risen 26 percent.

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Rodriguez musicians win big in Reno

By Amy Maginnis-Honey | From Page: A1

 
 
Hundreds turn out for Kroc Easter Egg hunt

By Susan Hiland | From Page: A1

Jelly Belly artist finds her work sweet

By Ian Thompson | From Page: A1 | Gallery

 
Heroes for Hire event goes haywire

By Tony Wade | From Page: A2

Center offers baby mammal care class

By Susan Hiland | From Page: A3

 
Fairfield police arrest 6 in alcohol sting

By Adrienne Harris | From Page: A3, 3 Comments

4-H Paper Clover Campaign starts

By Susan Hiland | From Page: A3

 
9th Annual Peace Summit on calendar

By Susan Hiland | From Page: A3

Tour past, present, future in Mountain View

By Susan Hiland | From Page: A3

 
Best of the best compete at dog show

By Adrienne Harris | From Page: A3 | Gallery

Event allows for safe medication disposal

By Susan Hiland | From Page: A4

 
Kids Fishing Derby to take place Saturday

By Susan Hiland | From Page: A4

 
Church offers document shredding

By Susan Hiland | From Page: A4

Suisun City to host 3rd annual MS walk

By Susan Hiland | From Page: A4

 
Club plans home garden tour in Fairfield

By Susan Hiland | From Page: A4

Local government meetings

By Susan Hiland | From Page: A4

 
Il Fiorello to host mushroom class

By Susan Hiland | From Page: A4

Silent movie night set in Rio Vista

By Susan Hiland | From Page: A4

 
Fairfield police log: April 19, 2014

By Susan Hiland | From Page: A9

Suisun City police log: April 19, 2014

By Susan Hiland | From Page: A9

 
Fairfield police log: April 18, 2014

By Susan Hiland | From Page: A9

Suisun City police log: April 18, 2014

By Susan Hiland | From Page: A9

 
Street-sweeping dealership comes to Fairfield

By Barry Eberling | From Page: A11, 1 Comment | Gallery

Networking event at Solano College

By Barry Eberling | From Page: A11

 
North Bay Pediatrics marks anniversary

By Barry Eberling | From Page: A11

Firm facilitates building lease in Fairfield

By Barry Eberling | From Page: A11

 
Weather for Monday, April 21, 2014

By Daily Republic staff | From Page: B12

.

US / World

Bid, Dick, bid: ‘Dick and Jane’ artworks for sale

By The Associated Press | From Page: A2

 
Bee colonies damaged after almond pollination

By The Associated Press | From Page: A4

Country music singer Kevin Sharp dies at age 43

By The Associated Press | From Page: A5

 
Sleeping girl killed after car drives into home

By The Associated Press | From Page: A5

Recreation areas reopening after Yosemite fire

By The Associated Press | From Page: A5

 
Nurse in critical condition after stabbing

By The Associated Press | From Page: A5

Study: Fuels from corn waste not better than gas

By The Associated Press | From Page: A6

 
Transcript reveals confusion over ferry evacuation

By The Associated Press | From Page: A7

Delay in ferry evacuation puzzles maritime experts

By The Associated Press | From Page: A7

 
Transcript of SKorea ship sinking: ‘We can’t move’

By The Associated Press | From Page: A7

.

Opinion

Why Hillary? The public awaits her answer

By Ann McFeatters | From Page: A8

 
Local voices, important choices

By Rod Keck | From Page: A8, 1 Comment

Question of the week: Will Flight 370 be found?

By Daily Republic | From Page: A8

 
Editorial Cartoon for April 21, 2014

By Daily Republic Syndicated Content | From Page: A8

Legislature critic is selective

By Letter to the Editor | From Page: A8

 
Knowledge, religion and the hard work of faith

By Cynthia M. Allen | From Page: A8

.

Living

Today in History for April 21, 2014

By The Associated Press | From Page: A2

 
Community Calendar: April 21, 2014

By Susan Hiland | From Page: A2

My friend’s wife drinks too much, verbally abuses her husband

By Kathy Mitchell and Marcy Sugar | From Page: B5

 
Horoscopes for April 21, 2014

By Holiday Mathis | From Page: B5

 
Horoscopes for April 22, 2014

By Holiday Mathis | From Page: B7

.

Entertainment

TVGrid April 21

By Daily Republic Syndicated Content | From Page: A10

 
‘Capt. America’ tops box office for third week

By The Associated Press | From Page: A10

TVGrid April 22

By Daily Republic Syndicated Content | From Page: A11

 
.

Sports

 
Sharks take 2-0 series lead with 7-2 win vs. Kings

By The Associated Press | From Page: B1 | Gallery

Chavez gets 1st win, A’s complete sweep of Astros

By The Associated Press | From Page: B1

 
NBA: Refs missed foul call in Warriors-Clippers

By The Associated Press | From Page: B1

Posey, Lincecum lead Giants to 4-3 win

By The Associated Press | From Page: B1 | Gallery

 
Young Clippers try to mature against Warriors

By The Associated Press | From Page: B1 | Gallery

Wawrinka beats Federer to win Monte Carlo Masters

By The Associated Press | From Page: B2

 
Westwood wins Malaysian Open

By The Associated Press | From Page: B2

Jimenez closes with 67 to win Greater Gwinnett

By The Associated Press | From Page: B2

 
Kuchar rallies from 4 back to win RBC Heritage

By The Associated Press | From Page: B2 | Gallery

Prep baseball: Pair of 10-run innings powers Vikings to win

By Daily Republic staff | From Page: B2

 
Prizefighter Rubin ‘Hurricane’ Carter dies at 76

By The Associated Press | From Page: B2 | Gallery

Red Sox remember Boston Marathon victims

By The Associated Press | From Page: B2

 
After bombs, Boston Marathon under tight security

By The Associated Press | From Page: B2

 
Duncan scores 27 points, Spurs beat Mavs 90-85

By The Associated Press | From Page: B8

James, Wade lead Heat past Bobcats 99-88 in Game 1

By The Associated Press | From Page: B8

 
Nene dominates, Wizards rally past Bulls, 102-93

By The Associated Press | From Page: B8 | Gallery

Aldridge leads Portland over Houston 122-120 in OT

By The Associated Press | From Page: B8

 
.

Business

 
.

Obituaries

Anne Irene Elizabeth Fulgoni

By Nancy Green | From Page: A4, 2 Comments

 
.

Comics

Pickles April 21

By Daily Republic Syndicated Content | From Page: B4

 
Blondie April 21

By Daily Republic Syndicated Content | From Page: B4

Sally Forth April 21

By Daily Republic Syndicated Content | From Page: B4

 
B.C. April 21

By Daily Republic Syndicated Content | From Page: B4

Baby Blues April 21

By Daily Republic Syndicated Content | From Page: B4

 
Dilbert April 21

By Daily Republic Syndicated Content | From Page: B4

Frank and Ernest April 21

By Daily Republic Syndicated Content | From Page: B4

 
Get Fuzzy April 21

By Daily Republic Syndicated Content | From Page: B4

Baldo April 21

By Daily Republic Syndicated Content | From Page: B4

 
Rose is Rose April 21

By Daily Republic Syndicated Content | From Page: B4

For Better or Worse April 21

By Daily Republic Syndicated Content | From Page: B4

 
Garfield April 21

By Daily Republic Syndicated Content | From Page: B4

Zits April 21

By Daily Republic Syndicated Content | From Page: B4

 
Wizard Of Id April 21

By Daily Republic Syndicated Content | From Page: B4

Beetle Bailey April 21

By Daily Republic Syndicated Content | From Page: B4

 
Peanuts April 21

By Daily Republic Syndicated Content | From Page: B4

Sudoku April 21

By Daily Republic Syndicated Content | From Page: B5

 
Bridge April 21

By Daily Republic Syndicated Content | From Page: B5

Word Sleuth April 21

By Daily Republic Syndicated Content | From Page: B5

 
Cryptoquote April 21

By Daily Republic Syndicated Content | From Page: B5

Crossword April 21

By Daily Republic Syndicated Content | From Page: B5

 
Beetle Bailey April 22

By Daily Republic Syndicated Content | From Page: B6

Get Fuzzy April 22

By Daily Republic Syndicated Content | From Page: B6

 
For Better or Worse April 22

By Daily Republic Syndicated Content | From Page: B6

Rose is Rose April 22

By Daily Republic Syndicated Content | From Page: B6

 
Pickles April 22

By Daily Republic Syndicated Content | From Page: B6

Sally Forth April 22

By Daily Republic Syndicated Content | From Page: B6

 
Peanuts April 22

By Daily Republic Syndicated Content | From Page: B6

Frank and Ernest April 22

By Daily Republic Syndicated Content | From Page: B6

 
Garfield April 22

By Daily Republic Syndicated Content | From Page: B6

Zits April 22

By Daily Republic Syndicated Content | From Page: B6

 
Blondie April 22

By Daily Republic Syndicated Content | From Page: B6

B.C. April 22

By Daily Republic Syndicated Content | From Page: B6

 
Dilbert April 22

By Daily Republic Syndicated Content | From Page: B6

Baldo April 22

By Daily Republic Syndicated Content | From Page: B6

 
Baby Blues April 22

By Daily Republic Syndicated Content | From Page: B6

Wizard Of Id April 22

By Daily Republic Syndicated Content | From Page: B6

 
Sudoku April 22

By Daily Republic Syndicated Content | From Page: B7

Bridge April 22

By Daily Republic Syndicated Content | From Page: B7

 
Word Sleuth April 22

By Daily Republic Syndicated Content | From Page: B7

Crossword April 22

By Daily Republic Syndicated Content | From Page: B7

 
Cryptoquote April 22

By Daily Republic Syndicated Content | From Page: B7