As expected, activist-investor Carl Icahn today issued an open letter to Apple with a familiar request: Increase stock repurchases, now.
Beneath layer upon layer of niceties, Icahn insisted that Apple should “accelerate and increase the magnitude of share repurchases” in order to boost value for shareholders. While insisting that Apple is extremely undervalued at the moment, Icahn promised fellow shareholders that he will not unload any of his “approximately 53 million shares” in Apple for a quick buck if increased buybacks are announced.
Apple is already in the midst of an existing buyback program — one that Icahn advocated for last year. We’ve included Icahn’s open letter, in full, below: