Billionaire activist investor Carl Icahn, who is urging Apple Inc to expand its share buyback plan, said on Wednesday he has written a letter to Apple Chief Executive Tim Cook and will reveal the contents on a website to be launched on Thursday.<\/p>\n
“Just sent a letter to Tim Cook. Full letter will be disclosed on my website, the Shareholders’ Square Table, which will be launched tomorrow,” he said on Twitter.<\/p>\n
Icahn, who has said Apple could trade at $700 with a larger stock buyback, told Bloomberg TV on Wednesday that Apple needs a board that goes in and does a “huge buyback.”<\/p>\n
Apple did not respond to a message seeking comment.<\/p>\n
Icahn, who is known for taking large positions in companies and pushing for management change, has said his stake in Apple is worth around $2 billion.<\/p>\n
The investor had dinner last month with Cook and Apple Chief Financial Officer Peter Oppenheimer and described the meeting as “cordial.”<\/p>\n
In August, Icahn told Reuters that “Apple has the ability to do a $150 billion buyback now by borrowing funds at 3 percent.<\/p>\n
He said at the time that “if Apple does this now and earnings increase at only 10 percent, the stock – even keeping the same multiple currently – should trade at $700 a share.”<\/p>\n
Icahn bows out of Dell battle<\/a><\/strong><\/p>\n Carl Icahn to wine and dine Tim Cook<\/a><\/strong><\/p>\n