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10-25-2013, 03:00 AM #1
Icahn Says He'll Consider Shareholder Proxy Vote if His Buyback Plan is Rejected
Appearing in a TV interview recently, billionaire investor Carl said that he’d consider but won’t commit to a possible proxy vote to force Apple executives to buy back more of their own shares, if they don’t agree to his proposal that is. Icahn made it clear in an interview with CNBC that he isn’t “going away” and plans to continue his efforts to persuade Apple executives to spend $150 billion on a share buyback.
For those of you who didn’t’ know, Icahn made a splash earlier when he published a letter he wrote to Apple CEO Tim Cook encouraging him to consider issuing an immediate tender offer, borrowing money back to buy back shares at a price of $525 from investors. When asked whether he is planning to push for a proxy vote to drive his agenda, Icahn said he would consider it if his proposal is rejected. He said the following regarding the matter:
We'll test the waters and see if the shareholders want us to do it and want us to win.
It's ludicrous to say that they need $150 billion sitting in a bank somewhere in Europe to do innovation.
10-25-2013, 10:33 AM #2
he should have thought of all this before he wasted his money.
10-25-2013, 11:36 AM #3
Power and greed!!! He has his foot in the door now, and going to try and strong arm the board to do what he wants to double his money and then sell off, leaving Apple to pick up the financial mess afterwards. Just as he did with Netflix. Got in, and then got out doubling his money.
10-25-2013, 01:27 PM #4
I hope Apple does increase their buy-out... but only by as much as this a** hat owns to buy him out of it at whatever it takes and require him to forfeit any future option to purchase of Apple stock.
An investor approach to business is all about what they can get and take from a company and that is a terrible idea for Apple.
Last edited by REMED1AL; 10-25-2013 at 01:30 PM.
10-26-2013, 12:45 AM #5
Icahn might purchase a large amount of stock in a company but he's only interested in short term payouts, he seems to have a track record of dumping his stock at a profit and with his volume cause more damage than good to Apples long term goals.
For Apples needs $150Billion in a European Bank is much safer than allowing this billionaire to profit off Apples buyout program.