Forget Einhorn, Apple Needs To Lay Out Its Plan For Growth Markets
by Trefis
Apple (AAPL) has agreed to pull one of its proposals from the shareholder meeting Wednesday after a federal judge ruled in favor of a bid by Greenlight Capital that sought to block voting on the same. The hedge fund, which has invested in Apple’s shares and is led by David Einhorn, wants the company to issue perpetual dividend-bearing preferred shares, or iPrefs, as a means to return more cash to shareholders and unlock value in its huge cash hoard. However, one of the three proposals that Apple had put up for shareholder voting required that shareholder approval be necessary to issue preferred stock in the future. This, if implemented, it would have eliminated the board’s leeway in the matter and made Einhorn’s proposal much more time consuming to implement. While the court ruling doesn’t imply that Apple will implement Einhorn’s preferred share proposal, it helped bring back some optimism in the stock, sending it back over $450 in trading Friday. read more »
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