Icahn presses Apple for $150 bn share buyback

Oct 01, 2013
Two iPhone 5S are displayed outside the Apple Store in Glendale, California on September 20, 2013.

Activist investor Carl Icahn said Tuesday he wants Apple to launch an additional share buyback of $150 billion to help boost the company's struggling stock value.

Icahn said in a tweet he met with Apple chief executive Tim Cook on Monday over dinner to discuss his idea, and that he would continue talks with head of the maker of the iPhone and iPad.

"Had a cordial dinner with Tim last night. We pushed hard for a 150 billion buyback. We decided to continue dialogue in about three weeks," the Twitter message said.

Icahn indicated in August he would press Apple to increase its , in which the company purchases its own shares in a bid to boost its value.

Earlier this year, Apple yielded to pressure from the hedge fund Greenlight Capital, agreeing to return some $100 billion to shareholders over the next two years, including $60 billion in share repurchases.

Apple shares, which topped $700 last September and then slumped below $400, traded up 1.6 percent at $484.41.

A recent IDC survey showed Apple's share of the global smartphone market slipped to 13.2 percent in the second quarter, from 16.6 percent a year ago, while Android's share rose to 79.3 percent.

But Apple is expected to get a boost from its new iPhones, which will have wider circulation in countries like Japan and China.

Icahn has a long history of taking positions in companies that give him the leverage to force changes in management or provide dividends to shareholders.

Explore further: Dailymotion should stay in European hands, France says

Related Stories

Recommended for you

Dailymotion should stay in European hands, France says

4 hours ago

France opposes exclusive talks between Orange and Hong Kong's PCCW group for a 49 percent stake in Dailymotion, preferring a European partner for the French video-sharing platform, the finance ministry indicated ...

FTC's Google investigation probed by Senate antitrust chief

19 hours ago

The chairman of a U.S. Senate antitrust panel will look into the release of a confidential Federal Trade Commission report on an investigation of Google Inc.'s search business, which was closed in 2013 without an enforcement ...

Traffic court goes digital: Startup fosters settlements

19 hours ago

Traffic court is going digital. Michigan startup Court Innovations has developed a software solution that allows drivers to settle traffic violations by negotiating in a virtual environment instead of showing up to court ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.