“As the activist investor Carl C. Icahn presses Apple for a $50 billion stock buyback, some other major shareholders plan to push back,” Michael J. de la Merced reports for The New York Times. “New York City’s comptroller, Scott M. Stringer, plans to urge other investors on Monday to vote against Mr. Icahn’s proposal, arguing that the plan puts handcuffs on the iPhone maker’s management. ”
“He says Apple’s executive team is better positioned to decide the company’s financial path,” de la Merced reports. “‘I strongly believe this proposal is unnecessary, risky and shortsighted,’ Mr. Stringer said in a telephone interview Sunday. ‘It’s easy to get a quick financial hit off a large company, but I think it’s a lot harder to plan for the future.'”
“The emergence of Mr. Stringer, who oversees five pension funds that together own $1.3 billion worth of Apple shares, is the latest sign of a brewing battle ahead of the company’s annual investor meeting on Feb. 28,” de la Merced reports. “Mr. Stringer is joining the likes of Calpers, the giant California public pension fund that owns $1.6 billion worth of Apple shares and has spoken out publicly against the proposal.”
Read more in the full article here.
MacDailyNews Note: UPDATE: 9:43am EST: Carl has packed up his marbles and gone home:
Proxy advisor: Apple shareholders should reject Carl Icahn’s buyback proposal – February 7, 2014
CalPERS criticizes ‘Johnny come lately’ Icahn’s push for additional Apple buybacks – December 12, 2013