Icahn abandons Apple buyback plan

Feb 10, 2014, 2:44 PM EST
People wait on line to purchase products at an Apple store on December 19, 2013 in Hong Kong, China.
AFP/Getty Images

Billionaire activist investor Carl Icahn said he saw no reason to keep demanding that Apple Inc increase its stock buyback plans, citing the company's recent stock repurchases as well as an influential proxy adviser's call against his proposal. In a letter to Apple shareholders on Monday, Icahn wrote that he had decided to ditch his nonbinding proposal, "especially when the company is already so close to fulfilling our requested repurchase target."
Icahn to end push for Apple buyback after ISS suggests 'no' vote [Reuters]
Icahn Ends Apple Stock Buyback Campaign [WSJ]
Icahn drops Apple buyback demand [FT]