“Given the advance buildup — a headline-grabbing billionaire, a high-profile proxy fight, a hedge-fund lawsuit, a federal judge’s preliminary injunction and those cutesy iPrefs — Apple’s annual shareholders meeting today is likely to disappoint,” Philip Elmer-DeWitt writes for Fortune.
“For one thing, the proposition that created all the fuss — a change in the company’s articles of incorporation that would have prohibited the issuance of preferred shares without a shareholder vote — has been taken off the table,” P.E.D. writes. “For another, the real issue behind the fuss is Apple’s $137 billion cash stockpile — if, when and how much of that cash the company plans to divvy up among the shareholders. Those aren’t questions boards of directors usually answer at shareholders meetings.”
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