On Monday, Apple Inc. (AAPL) took a stand against hedge fund giant Carl Icahn’s request for the company to put to use its massive cash pile; particularly his request for a large share repurchase.
In a statement released by the firm, Apple asked that shareholders vote “AGAINST” Ichan’s proposal. The famed investor proposed for the company commit to repurchasing no less than $50 billion of shares during the fiscal year ending September 27, 2014. Apple commented that its board members are, ”thoughtfully considering options for returning additional cash to shareholders and are currently seeking input from shareholders as part of the Company’s regular review.”
Apple shares slipped 1.0% during Monday’s session. Year-to-date, the stock is up only 2.01%.