Reuters: Hot Stocks: Icahn says to withhold shares from proposed Apple buyback

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Icahn says to withhold shares from proposed Apple buyback Oct 24th 2013, 14:04 Thu Oct 24, 2013 10:04am EDT Oct 24 (Reuters) - Billionaire investor Carl Icahn said he would withhold his shares of Apple Inc from a $150 billion buyback that he has proposed for the iPhone maker. "There is nothing short-term about my intentions here," Icahn wrote in a letter to Apple Chief Executive Tim Cook dated Oct. 23 and published on Thursday. (r.reuters.com/cuh24v) Icahn said he and his affiliates owned 4.7 million Apple shares as of Wednesday morning, a 22 percent increase since he met Cook for dinner in late September. Icahn said in the letter that he believed Apple's stock was undervalued. (Reporting by Soham Chatterjee; Editing by Robin Paxton)

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