Jul 27, 2016 - 05:15 PM UTC — AAPL: 102.95 (+6.28, +6.5%) | NASDAQ: 5139.81 (+29.76, +0.58%)
“Hedge fund manager David Einhorn, who is battling Apple Inc in court as part of a wider effort to get the iPhone-maker to share more of its cash pile, will now make a direct appeal to the company’s shareholders,” Edwina Gibbs and Stephen Coates report for Reuters. “He will host a conference call on Thursday to argue the merits of distributing perpetual preferred stock — his favored way of rewarding shareholders.”
“Einhorn’s $8 billion Greenlight Capital is seeking an injunction to block a February 27 shareholders’ vote on ‘Proposal 2’ in Apple’s proxy statement, which would abolish a system for issuing preferred stock at its discretion,” Gibbs and Coates report. “Apple declined to comment on Einhorn’s plan to appeal directly to shareholders. Chief Executive Tim Cook last week dismissed the lawsuit as a ‘silly sideshow.'”
Read more in the full article here.