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Icahn: No interest in pushing for Apple buyout of Nuance

updated 01:35 pm EST, Tue November 19, 2013

Investor tries to put rumors to rest

Wealthy investor Carl Icahn says he has no plans to push for Apple to buy out Nuance, according to a new Reuters report. Icahn spoke on the topic Monday, at the Reuters Global Investment Outlook Summit. "That is something I would never micromanage and never even think of telling [Apple CEO] Tim Cook," he said. "It has zero to do with the fact that I'm involved with Apple."

Icahn has large investments in both companies -- some $2.5 billion, in the case of Apple -- and has been speculated as wanting a deal. Nuance technology is integral to Apple's Siri voice command system, and absorbing the company would allow Apple to halt royalty payments and make any technological changes it wants. Icahn, though, adds that he doesn't have "the expertise or the presumption to say I have the expertise to tell him [Cook] to do that."

The investor's main push has been for an immediate expansion of Apple's share buyback program to $150 billion. Cook and Icahn have communicated several times on the topic; so far though neither side has indicated signs of progress, and indeed Apple executives are believed to be reluctant to let a shareholder like Icahn influence how the company spends cash. The current buyback program is capped at $60 billion, and due to run through 2015.




by MacNN Staff

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Comments

  1. Makosuke

    Forum Regular

    Joined: 08-06-01

    Ah, so you don't mind telling them to mortgage the company to finance a stock buyback on a scale that has never before been done and has no actual tangible benefit to Apple itself, only its shareholders (and then, only in theory, and almost certainly no net long-term benefit), but encouraging them to buy the company that makes a key technology would be micromanaging.

    Well, it's good to know he's got his priorities straight.

  1. macmedia1

    Fresh-Faced Recruit

    Joined: 12-07-05

    Having cash is POWER. All of us know that. It's because that they have so much cash that they could easily spend $10 billion on a company if they felt it would be beneficial without getting banks, investors, etc involved. They can just dig into their trove and make it happen. With cash, they can easily weather any downturn in the markets. They can easily invest in more talent if they needed to.

    What good does it serve the company to give that cash away to make investors happier? They're just making the rich richer - no other reason.

    Apple should continue course and keep on looking for more companies to acquire that would help them make more money (and better products).

    The investors are already lucky that Apple has committed to buying back 60 billion with of stock. What other company can do the same? Get lost Icahn - you're just trying to line your own pocket.

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