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

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

  1. MacRumors macrumors bot


    Apr 12, 2001

    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


    Jun 13, 2013
    yesssss .... AAPL is up. Keep on buying it Carl. :apple:
  3. JayLenochiniMac macrumors G5

    Nov 7, 2007
    New Sanfrakota
  4. mozumder macrumors 6502a

    Mar 9, 2009
    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

    May 22, 2005
    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

    Jan 25, 2013
    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

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

    Nov 19, 2012
  9. captain cadet macrumors 6502

    Sep 2, 2012
  10. MacMadHatter macrumors newbie


    Jun 4, 2011
    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


    Nov 14, 2011
    Who writes this stuff?

  12. Daalseth macrumors 6502a

    Jun 16, 2012
    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


    Jun 16, 2008
    Fixed that for you.

  14. FriednTested macrumors 6502

    Jan 13, 2014
    He is so pushy and clingy and annoying and shorter sighted... Not to mention creepy...!
  15. koruki macrumors 6502a


    Aug 16, 2009
    New Zealand
    lol Apple's never listened to shareholders or customers, I don't think $3b is gonna change that.
  16. FriednTested macrumors 6502

    Jan 13, 2014
    I hope and pray Tim doesn't bend with pressure...
  17. Return Zero macrumors regular

    Return Zero

    Oct 2, 2013
  18. micropig macrumors newbie

    Aug 2, 2013
    "I don't always push stock buybacks...but when I do, I prefer Dos Equis. I mean AAPL."
  19. ck2875 macrumors 6502a


    Mar 25, 2009
    Icahn should ask (i.e. bribe) Judge Cote to be the next court appointed monitor on the ebooks thing.
  20. themoffster macrumors regular

    Apr 26, 2011
  21. Xerotech macrumors 6502

    Jul 22, 2011
    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

    Aug 13, 2011
    Who wouldn't in his position ;)
  23. tdar macrumors 6502a

    Jun 23, 2003
    On the Space Coast
    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


    Aug 17, 2007
    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


    Aug 24, 2009
    Nice to know somebody has $500million to throw about.

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