- Icahn beats Apple buyback drum (again) with new proposal (CNET)
- Carl Icahn Rallies Apple Shareholders To Demand Stock Buyback (Cult of Mac)
- Carl Icahn ups ante in crusade for Apple buyback (Associated Press)
- Carl Icahn Just Fired A New Missile At Apple (Business Insider)
The two key phrases in those 137 characters — phrases the headline writers seem to have missed — were “precatory proposal” and “not at $150 billion level.”
A precatory proposal, from the Latin precari (“to pray”), is a request — not a “missile” or a “demand” — for a nonbinding shareholder vote that Tim Cook is free to ignore.
Rather than upping his ante, as the AP had it, Icahn may have just folded.
“Tim Cook is doing a good job with the business,” Icahn told Time’s Rana Foroohar, repeating a line he’s used more than a few times. “I think he’s good whether he does what I want or not.”
A $50 billion buyback, as it happens, was the high end of a proposal laid out last month by Bernstein’s Toni Sacconaghi: