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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 ......................

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