Apple (NASDAQ:AAPL) told shareholders Friday to vote against a proposal by billionaire investor Carl Icahn urging the technology giant to launch a massive share buyback plan.
Icahn is pushing Apple to unleash $50 billion in share repurchases over fiscal 2014, according to the Cupertino, Calif.-based company's preliminary proxy statement filed with the Securities and Exchange Commission.
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The activist investor told Time Magazine earlier this month that while CEO Tim Cook "is doing a good job with the business ... Apple is not a bank.”
Icahn was referring to Apple's massive hoard of cash, that weighed in at $147 billion at the end of September.
Under Cook's stewardship, Apple initiated a dividend in May 2012 to quell investors who were demanding it return more cash to shareholders. Still, the dividends have barely dented the vast stockpile of cash -- especially at a company that is very conservative in making acquisitions.