(Reuters) - Billionaire activist investor Carl Icahn urged Apple Inc's board to start a tender offer to repurchase shares using a part of its $133 billion cash pile. "We believe Apple is dramatically undervalued in today's market, and the more shares repurchased now, the more each remaining shareholder will benefit ...," Icahn said in a letter to Apple's board. The investor, who owns about 53 million Apple shares, has in the past urged Apple to return more of its cash to shareholders and pressured the company to increase its stock buyback program and raise its dividend. ...
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