[…] he filed a precatory proposal with Apple on Nov. 26, just three days ahead of the deadline to file measures which shareholders would vote on at the next meeting. […] A precatory proposal is a non-binding proposal which is merely aimed at collecting shareholders’ opinions on a topic. Even if it passes, Apple is not obligated to go along with it.
Now that Apple’s share price has increased, Icahn has dialed back his demands a bit. He said that he was no longer pushing for the $150 billion buyback, and CNBC reported that the precatory proposal he filed was for just a $50 billion share buyback.