Icahn reveals discussion with Apple CEO Tim Cook got 'a little testy'
While he initially described dinner with Tim Cook as "cordial," Icahn later revealed in an interview that his talks with Apple's CEO about the use of the company's cash reserves were "a little testy" at times.
Icahn also revealed in an interview on CNBC that Cook was joined by Apple Chief Financial Officer Peter Oppenheimer for their discussions in New York City on Monday. It was there that the three apparently disputed whether shareholders should have a say in how Apple executives opt to spend the company's cash.
"The board is not God," Icahn said. "And the board, in this kind of a case, should be listening to what the shareholders want."
The billionaire investor believes Apple should increase its share buyback program and spend $150 billion on its own shares. Apple's current plan calls for it to spend a total of $100 billion through 2015 on share buybacks as well as dividend payouts.
Earlier Tuesday, Icahn took to Twitter to say that he had a "cordial dinner" with Cook. The two parties will meet to continue their "dialogue" in about three weeks, which is about the same time that Apple is expected to report its fourth-quarter earnings for fiscal 2013.
Though he has publicly said he believes shares of AAPL are "extremely undervalued," Icahn has a reputation for causing trouble with tech companies. He famously opposed Michael Dell's efforts to take PC maker Dell private, won three seats on Yahoo's Board of Directors, and is also credited with helping to force out the CEO of Motorola before the handset maker was bought by Google.
Icahn is said to have about a $1.5 billion stake in Apple. While that's a considerable sum, it would not put him among the company's largest shareholders, particularly institutional investors with significant stakes.
Icahn also revealed in an interview on CNBC that Cook was joined by Apple Chief Financial Officer Peter Oppenheimer for their discussions in New York City on Monday. It was there that the three apparently disputed whether shareholders should have a say in how Apple executives opt to spend the company's cash.
"The board is not God," Icahn said. "And the board, in this kind of a case, should be listening to what the shareholders want."
The billionaire investor believes Apple should increase its share buyback program and spend $150 billion on its own shares. Apple's current plan calls for it to spend a total of $100 billion through 2015 on share buybacks as well as dividend payouts.
Earlier Tuesday, Icahn took to Twitter to say that he had a "cordial dinner" with Cook. The two parties will meet to continue their "dialogue" in about three weeks, which is about the same time that Apple is expected to report its fourth-quarter earnings for fiscal 2013.
Though he has publicly said he believes shares of AAPL are "extremely undervalued," Icahn has a reputation for causing trouble with tech companies. He famously opposed Michael Dell's efforts to take PC maker Dell private, won three seats on Yahoo's Board of Directors, and is also credited with helping to force out the CEO of Motorola before the handset maker was bought by Google.
Icahn is said to have about a $1.5 billion stake in Apple. While that's a considerable sum, it would not put him among the company's largest shareholders, particularly institutional investors with significant stakes.
Comments
If it got testy from Apple's side (which is what it sounds like), more props to Tim.
OTOH, if it was from Icahn's side, what else is new -- he seems to thrive on getting into fights. Here's an example: http://on.wsj.com/19fodJq (or if you want to watch the whole thing http://video.cnbc.com/gallery/?video=3000143591; be warned that, while it's entertaining, it's 27 minutes of your life you wan't get back!).
Yeah go Tim. Carl probably thought this would be an easy pitch. My belief is Apple would turn into another HP or DELL in a heartbeat if it changed how it works. It would start to turn down design team choices that had higher manufacturing expenses for example.
We all know, Carl, that you have Apple's best interest at heart and that this has nothing to do with your own self interest. I mean, really , if anyone really thinks about this, what have you got to gain from pushing Tim Cook around.
/s (as if that really had to be stated)
http://en.wikipedia.org/wiki/Trans_World_Airlines
Icahn is like a shark reacting to a waft of blood. No doubt to him, Apple looks beleaguered and its management weak. Good for Cook standing up to him! You don't want Icahn hanging around. He carries an air and reputation of mismanagement and destruction all about him, like the dust cloud around Pig-Pen.
You're always better off doing the opposite of what Icahn wants you to do.
Icahn is like a shark reacting to a waft of blood. No doubt to him, Apple looks beleaguered and its management weak. Good for Cook standing up to him! You don't want Icahn hanging around. He carries an air and reputation of mismanagement and destruction all about him, like the dust cloud around Pig-Pen.
Apple looks beleaguered?
I know what you are saying... but, you know...
Another asset stripper dressed up in an expensive suit.
He'll short Apple the moment he realises he can't get his own way.
Icahn: I believe that the Apple board should listen more to what the shareholders want.
Steve Jobs: F*ck off.
Icahn: Okay, what should we have for dessert?
The board isn't God and neither are the shareholders no matter how many they have. Get over it.
Or was it that he was the one that won the coffee with Cook auction and it turned into dinner with Tim? It's the only plausible explanation I can think of!
Who says that isn't what Tim said also. Maybe not those words but that message
Carl: "No"
Tim: "Then STFU about it"
I trust Cooks and Oppenheimer with steering ship and finances!