Macworld Australia recently reported on the Apple-related actions of investor Carl Icahn, who has been buying up significant chunks of Apple stock, with a first stake in August, before extending that buy-in during September.
Currently sitting on between US$1 and 2 billion worth of Apple stock, Icahn now is keen to talk to the man with his hands on the company’s pursestrings.
According to CNBC, a meeting has been arranged between the investor and Tim Cook to give the pair a chance to talk about the company’s stock buyback plans, among other topics.
The US television station website reports that the meeting is set for Monday 30 September (US time).
In August, Icahn tweeted about the proposed meeting, saying, “Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude.”
The meeting between the pair is significant as Icahn has something of a track record of investing heavily in companies and then proceeding to attempt to become more deeply involved in influencing the direction those companies then take. And he has at least 30 years of experience in the game. He formed his own securities firm in 1968 and began assuming controlling position in various companies 10 years later. His reputation was made when he implemented a hostile takeover of TWA way back in 1985 and attempted to do the same thing to US Steel the following year, before being thwarted by CEO David Roderick.
More recently, he came into conflict with the former chief executive of Time Warner, Richard Parsons, and tried to take over Marvel Comics, butting heads with Avi Arad, Ron Perelman and Ike Perlmutter, before Marvel was eventually taken under the umbrella of The Walt Disney Company. And during 2013 there has been his much reported stoush with Michael Dell, CEO of Dell Computers, which saw Icahn suing the computer giant and its board, before abandoning his campaign to thwart Michael Dell’s buyout plans just a couple of weeks ago.
With Icahn’s corporate raider reputation preceding him, Tim Cook is probably hoping that, for the sake of a quiet life, he sees eye to ‘eye’-Cahn from the start…
by Macworld Australia staff