Icahn, Apple Chief Talk Buyback

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.


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