By RTT News,
February 10, 2014, 11:03:00 AM EDT
(RTTNews.com) - Activist investor Carl Icahn is no longer putting pressure on Apple ( AAPL ) to buy back at least $50 billion of its shares.
Icahn was responding to a report from proxy advisory firm ISS urging Apple shareholders to vote against Icahn's proposal for a larger buy-back.
In an open letter to Apple shareholders, Icahn says he agrees with some of the ISS recommendations, especially in light of the company's recent move to "aggressively repurchase shares in the market."
Apple has bought $14 billion of its shares in two weeks, pouncing on a drop in the value of shares to around $500.
ISS analysts say that Apple appears on track to repurchase at least $32 billion in shares this year.
Therefore, because his proposal only asks the board to spend another $18 billion on repurchases, it is not worth a boardroom battle, according to Icahn.
Icahn expressed support for CEO Tim Cook's plan to launch new products in new categories this year.
"We are extremely excited about Apple's future," Icahn wrote. "Additionally, we are pleased that Tim and the board have exhibited the 'opportunistic' and 'aggressive' approach to share repurchases that we hoped to instill with our proposal."
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