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09-02-2013, 11:31 PM #1
Investors Speculate that Icahn is Pushing Apple to buy Nuance
The folks over at the New York Post recently presented a theory which mentioned that Carl Icahn’s large position in Apple may be a move to force Apple to buy Nuance Communications, which is the speech recognition company that drives some of the technology behind Siri. The billionaire investor recently stated that he thinks shares of both Apple and Nuance are currently undervalued.
For those of you who didn’t know, Icahn is notorious for attempting to block efforts by Dell to take the computer manufacturer private. He has filed a number of lawsuits against the company, which he now owns a large stake in. Some investors view Apple’s reliance on Nuance’s technology as a key reason to buy the company. Nuance previously confirmed in May that its speech recognition powers Apple’s voice driven personal assistance software, Siri.
Nuance doesn’t actually handle Siri’s artificial intelligence layers but its technology does provide the capability of Siri to interpret a user’s voice. Nuance CEO Paul Ricci revealed earlier this year that his company is the “fundamental provider” of voice recognition for Apple. Investors are speculating that Apple could potentially acquire Nuance for $7 billion, an amount that could easily be afforded by the company.
That being said, Icahn has not given any public indication that he is interested in a potential deal between Apple and Nuance. The billionaire instead pushed for Apple to buy back more shares in itself and plans to meet with Apple Chief Executive Tim Cook for dinner in September to discuss that possibility. According to Icahn, shares of AAPL are “extremely undervalued” at their current price.
We’ll have to wait and see if the theory turns out to be true.
Source: New York Post