Tuesday, 13 October 2015
Last updated 47 min ago
Oct 3 2013 | 3:20am ET
Carl Icahn had his long-awaited dinner with Apple CEO Tim Cook this week, continuing his push for a huge share buyback.
Icahn told his followers on Twitter than he and Cook "had a cordial dinner" on Monday night, during which "we pushed hard for a 150 billion buyback." Icahn added that the two "decided to continue dialogue in about three weeks."
On Tuesday, Icahn made clear what his side of the dialogue would sound like: Further agitation for a $150 billion buyback program, financed by debt.
"I feel very strongly about this," Icahn told CNBC. "I can't promise you the stock will go up and I can't promise you they will do the buyback. But I can promise you that I'm not going away until they hear a lot more from me concerning this."
"It's a no-brainer and it makes no sense for this company with their multiple being so low not to do a major, major buyback," he continued. "And there's another reason that I mention, that I think might go forgotten: the fact that you can borrow money so cheaply today. I don't think we are going to see this again."
Icahn first publicized plans to dine with Cook in August, when he also announced that he had taken a "large position" in the company. He boosted his stake in September.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…