Sun, Aug 28, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Apple releases a statement on Greenlight suit, Einhorn chats with Tim Cook

Friday, February 08, 2013

Bailey McCann, Opalesque New York: Earlier today, Opalesque reported on a lawsuit filed against Apple by activist hedge fund manager David Einhorn and his firm Greenlight Capital. Einhorn is suing the company over a proposed change to the company's charter which he said will keep cash out of the hands of shareholders. Greenlight is encouraging all Apple shareholders to vote against the proxy in its upcoming annual shareholder meeting. In addition, it filed suit claiming that the proxy actually contained three separate issues that need to be unbundled and voted on separately under SEC rules. Apple refused to break up the proxy, prompting the suit. Now, the company has released a statement on the matter.

Apple says its "management team and Board of Directors have been in active discussions about returning additional cash to shareholders." The company also says it is evaluating Einhorn's ideas and welcomes Greenlight’s views and the views of all Apple shareholders. Apple also notes that the changes to the company's charter would not preclude Einhorn's proposal, it would only require shareholder approval for the issuance of preferred stock. Under Apple's current rules, no shareholder approval is required to issue preferred stock.

Reuters ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Strategies - The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I, Hedge funds get more pushback on terms as enthusiasm for strategy wanes[more]

    The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I From IBTImes.co.uk: To illustrate a strategic gap common to today's portfolio managers, George Sokoloff, PhD, founder and CIO at Carmot Capital, proposes an interesting thought experiment – a breakdown of

  2. Institutional investors - Investors set to increase allocation to private debt, With investment income key, Richmond retirement system faces funding challenges[more]

    Investors set to increase allocation to private debt Investors are set to increase their allocation to private debt, with 60% revealing they believe the private debt market will grow over the next 12 months, according to a new study by Elian, a leading funds services provider. 41%

  3. Investing - Hedge funds snap up banks, unload Apple, Some of hedge funds' favorite stocks are finally starting to beat the market, Einhorn's Greenlight shifts positions, Treasury yield climbs to two-month high as Fischer joins hawks, 9 stocks smart investors put their money in last quarter[more]

    Hedge funds snap up banks, unload Apple From Barrons.com: Prominent hedge funds have a newfound love of big banks, and some have a distaste for shares of Apple, regulatory filings released last week show. The filings suggest that the funds have been pivoting their portfolios in recent mon

  4. Chesapeake energy seeks $1 billion loan to refinance debt[more]

    From Bloomberg.com: Chesapeake Energy Corp. is seeking a $1 billion loan as the company battered by cratering fuel prices and credit downgrades takes a step to address its $9 billion debt load. The natural gas producer hired Goldman Sachs Group Inc., Citigroup Inc. and Mitsubishi UFJ Financial Group

  5. Institutions - Nordic pension funds magnify focus on unlisted and direct investing, building up teams[more]

    From IPE.com: As bond yields remain at low or negative levels, pension funds and other institutional investors in the Nordic region are stepping up efforts to find higher returns by adding more unlisted investments to portfolios and are expanding in-house teams in order to do this, according to new