- Carl Icahn tells CNBC he recently had a "good conversation" with Tim Cook, and that the Apple (AAPL -0.6%) CEO is still studying Icahn's $150B buyback proposal.
- Apple has moved higher on the report, but still remains down on the day.
- Three weeks ago, Icahn disclosed his Apple stake had risen to 4.7M shares (worth $2.4B), and said he would "test the waters" regarding a proxy fight if his calls for a bigger buyback were ignored. The following week, Cook stated any changes to Apple's capital allocation plan would be announced early next year.
- Apple currently has $146.8B in cash/investments on its balance sheet, but only $35.5B of that is in the U.S. Thanks to a debt offering made earlier this year to help finance its existing back efforts, long-term debt stands at $16.9B.
Icahn: Cook still studying buyback proposal
Nov 11 2013, 12:16 ET