Oct 9, 2014 9:52 AM
Icahn renews quest for Apple share buyback
The Associated Press
Activist investor Carl Icahn is taking another swing at getting Apple to buy back more of its stock and improve the relative value of the shares.
Icahn is asking the iPhone maker's CEO, Tim Cook, to give its board a plan to meaningfully increase share repurchases. In return, the billionaire investor promises not to offer up any of his roughly 53 million Apple Inc. shares in the repurchase.
Icahn says in a lengthy letter to Cook that the request is not intended to be a criticism of him as CEO. But he says the stock is undervalued, especially compared to the Standard & Poor's 500 index.
Earlier this year, Icahn ended a high-profile campaign to pressure the iPhone maker into spending more money to buy back its own stock.