by Christopher Freeburn | October 24, 2013 12:39 pm
A campaign to pressure Apple (AAPL) to expand the size of its share buyback program is hitting the web.
The move comes from billionaire investor Carl Icahn, who argues that Apple should increase its planned share repurchase program from $60 billion to $150 billion. To promote the idea, Icahn launched the Shareholders’ Square Table. In a tweet, Icahn said the website would include the full text of a letter he had sent to Apple CEO Tim Cook, USA TODAY notes.
Shares of Apple in surged about 6% in Thursday mid-day trading.
Earlier this year, Apple announced plans to return $100 billion in cash to investors through higher dividends and a share buyback. The company currently has a cash hoard of nearly $150 billion.
Over the summer, Icahn announced that he had taken a stake in the iPad and iPhone-maker. He said he had dinner with Cook earlier this month at which he pushed for a larger share buyback program.
In a recent interview, Icahn said he had “no problem” with Apple’s management, but indicated that its board didn’t contain anyone with “a great knowledge of finance.”
Icahn recently sold millions of shares of Netflix (NFLX), which he acquired for about $58 more than a year ago, generating a massive profit.
Source URL: http://investorplace.com/2013/10/activist-investor-carl-icahn-takes-battle-web-new-site/
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