Billionaire investor Carl Icahn presses Apple for bigger share buyback
Thursday 05 December 2013
Activist investor Carl Icahn is trying to get more cash out of Apple, revealing plans to force a shareholder vote on returning more money to investors.
Icahn, who revealed a “large position” in Apple this year, yesterday announced on Twitter he has put forward a motion to increase the technology giant’s share buyback programme, to be voted on at the company’s next annual meeting.
The iPhone and iPad maker is reportedly sitting on a $147 billion (£90 billion) cash stockpile and has plans for a $60 billion share repurchase over three years but Icahn thinks this is not enough.
Icahn believes stockpiling the money represents poor value for investors, telling Time magazine in an interview: “Apple is not a bank”.
Even if the proposed resolution is approved, it is not binding on the company but would heap pressure on management.
Despite the move, Icahn also revealed he approves of Apple chief executive Tim Cook’s strategy for the company, saying: “Tim Cook is doing a good job with the business. I think he’s good whether he does what I want or not.” The pair have met several times since Icahn invested in the company. Icahn added: “We’ve discussed a lot of things, and he asked a lot of questions, and really listened.”
Veteran investor Icahn is used to battling management in a bid to force change, most recently taking on Michael Dell for control of his eponymous PC-maker Dell, a battle Icahn eventually lost.
- 1 Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
- 2 JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
- 3 The West has it totally wrong on Lee Kuan Yew
- 4 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 5 Jeremy Clarkson calls on trolls to leave producer Oisin Tymon alone: 'None of this is his fault'
Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
Andreas Lubitz: Who is Germanwings co-pilot who 'locked out captain and crashed flight 9525'?
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Russia unveils plans for high speed railway and superhighway to connect Europe and America
Cate Blanchett loses temper during interview: 'That's your f**king question?'
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Andreas Guenter Lubitz intentionally crashed flight 9525 into the Alps in act of mass murder and suicide – latest
iJobs Money & Business
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...
£16000 - £18000 per annum: Recruitment Genius: A position has arisen within th...
£50000 - £63000 per annum + excellent benefits : Ashdown Group: IT Manager / D...
£16500 per annum: Recruitment Genius: Applicants must hold a valid SIA Door Su...