Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek

Trending

Filed under: News | Apple

 

Icahn Increases Investment and Pushing Apple for $150 Billion Buyback

Mr. Icahn posted a letter to the Apple CEO Tim Cooper on his own website, which reveals that he had raised his share in Apple Inc. and pushing the company for a massive $150 billion buyback

Oct 25 2013, 9:48am CDT | by

1 Updates
Icahn Increases Investment and Pushing Apple for $150 Billion Buyback
Photo Credit: Getty Images
 
 

YouTube Videos Comments

Full Story

Icahn Increases Investment and Pushing Apple for $150 Billion Buyback

Icahn Increases Investment and Pushing Apple for $150 Billion Buyback
Carl Icahn is continuing to pressurize Apple for $150 billion buyback

Carl Icahn, the American business magnet, is found to raise his Apple investment by 22%, taking his share value to 4.73 million, and trying to push Apple for a massive $150 million buyback.

According to Apple Balla , a letter posted by Carl Icahn to Tim Cooper, reveals that the tycoon desires Apple to use a self-tender method, with a view to buying back the stocks. However, he refuses to sell his shares.

He said, “There is nothing short term about my intentions here.”

He reveals that a buyback of $525 each share will dramatically increase Apple’s share value after 3 years. According to him, the enhanced value will be a massive $1,250!

Mr. Icahn wrote in the letter, “As we proposed at our dinner, if the company decided to borrow the full $150 billion at a 3% interest rate to commence a tender at $525 per share, the result would be an immediate 33% boost to earnings per share.”

He added that the amount is “not simply large enough given that Apple currently holds $147 billion of cash on its balance sheet.”

Mr. Icahn’s statement has been criticized by a lot of people. Bill Gross, the founder and managing director of Pacific Investment Management Co. LLC, tweeted “leave Apple alone & spend more time like Bill Gates. If Icahn’s so smart, use it to help people not yourself.”

Mr. Icahn hit back all the critics by saying:”A lot of critics just keep saying why doesn’t Icahn just leave our companies alone. To me that is like saying: Why didn’t Teddy Roosevelt leave the monopolies alone when they were strangling our economy.”  

However, Apple hasn’t been found to take any decision.

 

 

 

 

iPad Air Giveaway. Win a free iPad Air.

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/25" rel="author">Ehsanul Haque Kanan</a>
Ehsanul Haque Kanan is covering consumer electronics with passion. He is especially an avid follower of all things Apple.

 

 

Comments

blog comments powered by Disqus

Latest stories

OkCupid&#039;s Christian Rudder Defends &#039;Experiments On Human Beings&#039;
OkCupid's Christian Rudder Defends 'Experiments On Human Beings'
Not shocking to many that OkCupid experiments on their users, but the lack of awareness by co-founder Christian Rudder is a little boggling.
 
 
Johnny Manziel Heisman Jersey to Reach $100K
Johnny Manziel Heisman Jersey to Reach $100K
A Johnny Manziel Texas A&M Aggies jersey which the quarterback wore during his 2012 Heisman Trophy-winning season is expected to reach a value of $100,000 in
 
 
Freddie Prinze Jr Calls &#039;24&#039; Star Kiefer Sutherland &#039;Unprofessional&#039;, Former Colleagues Respond
Freddie Prinze Jr Calls '24' Star Kiefer Sutherland 'Unprofessional', Former Colleagues Respond
Over the weekend at San Diego Comic-Con, Freddie Prinze Jr called '24' action star, Kiefer Sutherland, "unprofessional" while putting the man on blast for being short. Sutherland, Fox officials, and former 24 actors respond.
 
 
Detroit Lions Put Off Contract Talks with Ndamukong Suh
Detroit Lions Put Off Contract Talks with Ndamukong Suh
The Detroit Lions decided to put off contract talks with controversial defensive tackle Ndamukong Suh until after the 2014 NFL season.
 
 
 

About the Geek Mind


Read more about The Geek Mind.