Thursday, 31 July 2014
Last updated 15 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…