Billionaire activist investor Carl Icahn has urged Apple'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 owns about 53 million Apple shares.
He has in the past urged Apple to return more of its cash to shareholders and pressured the company to increase its stock buyback programme and raise its dividend.
"To pre-emptively diffuse any cynical criticism that you may encounter with respect to our request we hereby commit not to tender any of our shares if the company consummates any form of a tender offer at any price," Icahn wrote.
