Carl Icahn Posts Response to Apple On Proxy Proposal for Share Buyback, Buys $500 Million More in Stock

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Jan 23, 2014.

  1. MacRumors macrumors bot

    MacRumors

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    Several weeks ago, Apple filed a statement with the SEC advising shareholders to vote against activist investor Carl Icahn's non-binding "advisory" share buyback proposal from early December.

    The proposal will be voted on by shareholders at Apple's stockholder's meeting, to be held at Apple's headquarters at some point in the next couple of months. Today, Icahn published a seven-page letter to shareholders advocating for a yes vote on its proposal.

    He also announced that he purchased another $500 million in Apple stock today, bringing his cumulative total to $3.6 billion. Just yesterday, Icahn revealed that he had surpassed $3 billion in AAPL ownership. He also stated on CNBC that his criticism was reserved for Apple's board of directors, not its management.

    In the letter, Icahn explains his belief that Apple's stock is a "no brainer" to purchase, and that Apple's board should be supportive of a significant increase in Apple's share repurchase program. He argues that Apple's stock -- currently priced at $555 -- would be priced at $840 if its price to earnings ratio was the same as the average P/E across the S&P 500.
    The full letter is available from the SEC and comes ahead of Apple's first quarter earnings report, scheduled for Monday afternoon. The company is expected to report the strongest results for any quarter in its history.

    Article Link: Carl Icahn Posts Response to Apple On Proxy Proposal for Share Buyback, Buys $500 Million More in Stock
     
  2. luckydcxx macrumors 65816

    luckydcxx

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    yesssss .... AAPL is up. Keep on buying it Carl. :apple:
     
  3. JayLenochiniMac macrumors G5

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  4. mozumder macrumors 6502a

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    Such horrible short-term thinking by Icahn. There could be a billion other things Apple could do with that money over the long term to improve the company.
     
  5. JackieTreehorn macrumors 6502

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    #5
    Apple should team up with eBay, buy up iChan's hedge funds, and dump Carl and his funds into Atlantic. Or the Pacific.


    Just to tell the greedy old man who runs Apple and eBay.
     
  6. MTL18 macrumors regular

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    #6
    Carl only cares about his money, not yours or mine. He wants the buy-back for short-term price gain and a higher % ownership within AAPL...
     
  7. Cuban Missles macrumors 68040

    Cuban Missles

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    Mac Rumors, PLEASE, PLEASE, PLEASE..... use a different picture. The one you keep using is creepy.
     
  8. huntlane macrumors newbie

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  9. captain cadet macrumors 6502

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  10. MacMadHatter macrumors newbie

    MacMadHatter

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    The man is doing nothing short of trying to bankrupt Apple. Apple already has a healthy dividend etc.

    Buying some AAPL stocks and then saying that they should going 150 billion into debt for a stock repurchase that will only cause people like him to dump those Apple shares once he has his money and then the stock will crash.

    Jobs would of told him to go to hell, Cook needs to do the same.


    Oh and he now owns some Ebay shares and immediately says spin off Paypal. So what Ebay can pay paypal fees, that's why Ebay purchased them in the first place.
     
  11. Rogifan macrumors P6

    Rogifan

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    #11
    Who writes this stuff?

     
  12. Daalseth macrumors 6502a

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    #12
    That's not what Carl Icahn is in it for. He wants dollars. He doesn't care how it impacts other investors, the companies he's investing in or even the good of the country. He's driven by greed and only exists to get more.
    A truly despicable SOB.
     
  13. bradl macrumors 68040

    bradl

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    #13
    Fixed that for you.

    BL.
     
  14. FriednTested macrumors 6502

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    #14
    He is so pushy and clingy and annoying and shorter sighted... Not to mention creepy...!
     
  15. koruki macrumors 6502a

    koruki

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    lol Apple's never listened to shareholders or customers, I don't think $3b is gonna change that.
     
  16. FriednTested macrumors 6502

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    I hope and pray Tim doesn't bend with pressure...
     
  17. Return Zero macrumors regular

    Return Zero

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  18. micropig macrumors newbie

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    "I don't always push stock buybacks...but when I do, I prefer Dos Equis. I mean AAPL."
     
  19. ck2875 macrumors 6502a

    ck2875

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    #19
    Icahn should ask (i.e. bribe) Judge Cote to be the next court appointed monitor on the ebooks thing.
     
  20. themoffster macrumors regular

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  21. Xerotech macrumors 6502

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    #21
    If he was genuinely interested in a long term investment, he would talk more about reinvesting into different technological sectors and push for dividends based on performance. All I ever see him talking about is the stock being under valued and should be around $840. You saw what he did to Netflix, all he wants is a quick buck.
     
  22. Jibbajabba macrumors 65816

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    Who wouldn't in his position ;)
     
  23. tdar macrumors 6502a

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    #23
    Sure Carl....Apple was created just for you, so that you might get even richer. None of the other 7 billion people on this planet have any use for it. It all about YOU.


    Seems to be what is wrong with our world today.....
     
  24. Prof. macrumors 601

    Prof.

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    #24
    I think that's the point. To vilify him and make him appear to be a total creeper. Which he is.
     
  25. roadbloc macrumors G3

    roadbloc

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    #25
    Nice to know somebody has $500million to throw about.
     

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