[tweet https://twitter.com/carl_c_icahn/status/426016453846790144]
Following a precatory proposal from billionaire investor and Apple shareholder Carl Icahn urging Apple to vote on a larger buyback, Icahn today announced on Twitter that he thinks Apple “is doing great disservice to shareholders by not having markedly increased its buyback.” He also said that he would soon send Apple another in-depth letter regarding his proposals and confirmed that he has purchased another $500 million in Apple shares bringing his total investment to $3 billion.
After months of letters and meetings with Tim Cook urging the Apple CEO to introduce a larger buyback at around $150 billion, last month Icahn said he gave Apple notice that he would be making a precatory proposal to shareholders to call for a vote on a buyback at less than the $150 billion he originally proposed. A precatory proposal is essentially a formal request asking Apple to hold the vote, but it means Apple executives wouldn’t actually have to implement the buyback even if the majority of shareholders approved it.
[tweet https://twitter.com/carl_c_icahn/status/426016357923037185]
Icahn has been proposing a larger buyback from Apple of around $150 billion since first announcing back in August that he had taken “a large position” in the company. We now know that position has increased from the $2.5 billion he owned previously to around $3 billion.
Icahn previously said executing the buyback immediately would result in “further stock appreciation of 140% for the shareholders who choose not to sell into the proposed tender offer.” He also agreed to withhold his shares and not participate in the buyback to “invalidate any possible criticism” regarding the long term benefits of the proposal.
Apple confirmed that it received the precatory proposal and said it would actively seek shareholders’ input and announce any changes to its return program in the “first part of calendar 2014.”
[tweet https://twitter.com/CNBC/status/426042062623223809]
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Icahn feeling butthurt again.
Because Apple is soooo mismanaged they became the most successful company on the planet.
All we need is this greedy SOB to run Apple by proxy.
Why can Carl Ichan not drop dead? He will make a mess of Apple. Kudos to Tim Cook for having the fortitude in not being pressured by this arrogant prick. Carl Ichan, stay away from Apple, you greedy son of a bitch!
Yep Icahn doesnt care about Apple long term viability, and when he worries about “shareholders” he means just himself.
I think Icahn is somewhat delusional to think that profit can be made as highly valued as Apple’s stock is right now. The company would be crazy to buy back stock at this price.
I sense that Icahn is interested in so much stock from Apple because he feels jilted that they refuse to make him a 5.4 inch iphone.
Apple doesn’t exist to please the shareholders, Apple is a BUSINESS, they are making solid long-term business decisions, for the business. I’m sure this guy knows nothing about running a business.
I wish this guy would shut the ef up and go ***k himself.
If Icahn believes “$APPL board is doing great disservice to shareholders” then why is he still buying shares? The disservice must not be past financial but one that will still allow a future gain.
I’m really thankful for Carl Icahn. Apple stock really deserves to be back around $700 at least.
Yeah I agree! I’m also a stock holder and it was disappointing when it fell from the previous $700 mark.
All he wants is for Apple to give him their cash stockpile. He doesn’t care about the company, their customers, or even the other shareholders, all he cares about is getting his hand on as much of their cash as he can.
Carl Icahn invested in Blockbuster. Let’s not forget that.
Price you pay when you become a publicly traded company. Shareholders think they can run your business.
Icahn may be a pain in the ass for Apple but he is also correct on this matter. Warren Buffett strongly, and with no ambiguity, recommended the same thing to Jobs.
Apple shareholders, me included, want Karl TO GO AWAY FOREVER !!!
NEVER COME BACK. NEVER SAY ANOTHER WORD ABOUT OR TO APPLE. DISAPPEAR. YOU’RE TROLL. WE DO NOT WANT YOU AROUND US.
The only one Carl Icahn is looking out for is himself. This whole “buy a ton of Apple stock and tell everyone how undervalued apple is” thing is just a get rich quick scheme. He just wants a piece of that Apple pie. He’s getting all upset about it now because Apple saw right through it. This guy needs to bugger off before he makes a mess out of the whole stock market.
Apple is doing a great disservice to shareholders.
So wait while I buy even more shares from this company doing this great disservice to shareholders.
O_o