Icahn Seeks Bigger Apple Buyback

Oct 10 2014 | 5:29am ET

Just months after declaring himself “extremely pleased” with Apple Inc.’s share buyback program, Carl Icahn is back for more.

In a letter to Apple CEO Tim Cook he himself promised would be “interesting,” Icahn said that the company’s shares are worth more than twice their current price. The billionaire said that Apple should take advantage of the “massive undervaluation” to “meaningfully accelerate and increase the magnitude of share repurchases” through a tender offer.

Icahn said that the discount “will not last for long,” meaning Apple will have to pay more if it waits.

“The more shares repurchased now, the more each remaining shareholder will benefit” from what Icahn predicts will be “impressive earnings growth over the next few years,” he wrote.

Apple said only that it would “review the program annually.”

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