Apple CEO, Tim Cook and its big investor, Carl Icahn are planning to have dinner together in September. They will discuss buyback details over dinner in next month.
The billionaire Apple investor, Carl Icahn has invited Tim Cook, CEO of Apple Incorporated to a friendly dinner in order to negotiate a buyback plan for Apple’s stocks. Tim is receptive to the idea since Apple is ready to make an input of $60 billion in its own limited stock over the next three years. What is at stake is the amount that will be bought back. Icahn wants it to be quite a lot. And he is genuinely concerned about Apple too. It was his backing that enabled the company to rise to the level of $500 per share the previous week. At present, Icahn has $1.5 billion invested in the crunchy fruit logo company.
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Carl Icahn states on his twitter account, "Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude."
Over $16 billion was spent by Apple in the quarter that has just passed by. The repeated buying of 36 million in shares was the goal and it was finally achieved. The original scheme called for a buyback of a modest $10 million in shares. But the drive to succeed pushed Apple to increase the pace and so its efforts paid off in the end. Meanwhile, Icahn is dead set on a full-fledged dinner with Tim and he wants to discuss some serious matters. The main issue to be hammered out between the two is the problem of magnitude. Icahn has already posted his plans on his Twitter home page.