• Your favorite

    Apple

    ,

    iPhone

    ,

    iPad

    ,

    iOS

    ,
    Jailbreak
    , and
    Cydia
    site.
  • Carl Icahn Turns His Attention to Hertz with Apple Shareholder Proposal Pending


    The activist investor Carl Icahn, who has a history of using his money and power to influence publicly traded companies with Apple being one of his targets, is now setting his sights on Hertz, buying as many as 40 million shares in the rental car company. His newfound stake in Hertz was revealed by an anonymous source to CNBC recently. The move made by the investor prompted executives at Hertz to adopt a so-called “poison pill” earlier this week in an attempt to prevent Icahn from gaining control of the board of directors.

    Prior to the news, the identity of the investor was unknown. Hertz simply attributed its precautionary measures as being in response to “unusual and substantial activity” in its shares. Icahn’s stake in Hertz is said to be partially in derivatives, in addition to common stock. If his entire stake was common stock, sources reportedly mentioned it would make him the company’s single largest shareholder.

    The apparent interest in Hertz comes as the billionaire remains involved in a public fight with the Apple Board of Directors over the company’s cash and reserves. He has openly called for Apple to spend the entirety of some $150 billion it has in cash on a share repurchase program. However, Icahn formally filed a shareholder proposal in November, in which he instead detailed a $50 billion stock repurchase plan. Apple unsurprisingly has recommended that investors vote against the proposal, saying that its board is already “thoughtfully considering options for returning additional cash to shareholders.”

    During fiscal 2013, Apple spent $23 billion of an expanded $60-billion share repurchase authorization, which contributed to combined dividend payments and repurchases totaling over $43 billion since the program was initiated roughly six quarters ago. Icahn revealed in October that he at the time had 4.7 million shares of AAPL stock, up from a previous total of 4 million. His interest in the company and stature as a Wall Street icon, have even garnered him private meetings with Apple CEO Tim Cook and CFO Peter Oppenheimer.

    We’ll have to see what happens next.

    Source: CNBC via AppleInsider
    This article was originally published in forum thread: Carl Icahn Turns His Attention to Hertz with Apple Shareholder Proposal Pending started by Akshay Masand View original post
    Comments 5 Comments
    1. holyshnikes's Avatar
      holyshnikes -
      This guys annoying.
    1. buggsy2's Avatar
      buggsy2 -
      Go away Carl you're drunk.
    1. drgonz0's Avatar
      drgonz0 -
      Quote Originally Posted by holyshnikes View Post
      This guys annoying.
      Seriously. I bet there's at least 15 people waiting for him to die already so they can inherit his money. I wouldn't mind it.
    1. Carvensno's Avatar
      Carvensno -
      I cant believe this guy would think a company like Apple would just go along with his plan to spend their nest egg of 150 billion to buy their stock back. What company in their right mind would do that?
    1. stolenpentium's Avatar
      stolenpentium -
      This guy is an idiot!