New York: Carl Icahn and Apple seem to be heading for a major showdown with the iconic creator of iPhone and iPad urging its shareholders to vote against the investor activist's proposal for committing at least $50 billion worth of share buyback.
The proposal, made by High River Limited Partnership and Icahn Partners, will be put to vote at the company's annual shareholder meeting scheduled for February 28 next year.
"...the shareholders hereby approve, on an advisory basis, High River's proposal that Apple commit to completing not less than $50 billion of share repurchases during Apple's fiscal year ending September 27, 2014," Apple informed the US Securities and Exchange Commission (SEC) in a filing.
Recommending voting against the proposal, Apple's Board (along with the management team) said they are "thoughtfully considering options" for returning additional cash to the shareholders and are currently seeking input from shareholders as part of the company's regular review.
It said the Board and management team have demonstrated a strong commitment to returning capital to shareholders over the past two years.
In March 2012, the company announced a quarterly dividend and share repurchase programme totaling $45 billion.
