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Icahn considering using shareholder proxy vote to get $150B buyback

updated 03:05 pm EDT, Thu October 24, 2013

Option reserved in case Apple executives decline proposal

A shareholder proxy vote is an option if Apple executives don't go along with a $150 billion share buyback proposal, says Carl Icahn in a new CNBC interview. The investor -- who has met with Apple CEO Tim Cook on the matter, and sent an open letter -- states that he isn't "going away," and will continue pursuing an expanded buyback. Asked if he's interested in using a proxy vote, he says that "We'll test the waters and see if the shareholders want us to do it and want us to win."

Icahn suggests that Cook is doing well as Apple's CEO, but argues that the company's board of directors could use someone with an investor's point of view -- other than himself. "I really don't want to spend the time to go on a board at this point," he remarks. Cook's opinion on the letter hasn't been made public, but Icahn says he expects to hear from the CEO after Apple's quarterly results are released on October 28th.

Apple is already engaged in a $60 billion buyback program, partly financed by debt and due to conclude by the end of 2015. Icahn, though, has said he wants an "immediate" $150 billion buyback.




by MacNN Staff

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Comments

  1. Paul Huang

    Mac Enthusiast

    Joined: 09-18-99

    cashing in before he kicks the bucket.

  1. Leonard

    Professional Poster

    Joined: 03-24-00

    Apple's never going to do it and shareholder proxy votes are usually voted down. So it's not going to happen.

  1. jpellino

    Fresh-Faced Recruit

    Joined: 10-29-99

    Anyone care to bet on just how much AAPL Carl Icahn bought at $699?

  1. xomniron

    Fresh-Faced Recruit

    Joined: 10-17-13

    @jpellino -- You may be on to something. Icahn is trying to recoup his money!

  1. Charles Martin

    MacNN Editor

    Joined: 08-04-01

    Carl Icahn is about to discover -- to his absolute bewilderment -- that AAPL investors are not, by and large, like DELL investors. Most of them, I think its fair to say, are not greedy swindlers who only live for short-term profit today and to heck with the company tomorrow. They are largely long-term holders who "get" what Apple is doing and approve of it. He's not going to find a lot of takers for his blackmail scheme.

  1. Zanziboy

    Forum Regular

    Joined: 08-27-08

    $150 billion would bankrupt Apple. What a jerk.

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