“Apple Inc. Chief Executive Officer Tim Cook will meet for dinner with billionaire investor Carl Icahn to discuss the company’s strategy for buying back shares, Icahn said on a Twitter Inc. posting,” Adam Satariano reports for Bloomberg News.
“‘Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude,’ Icahn wrote today,” Satariano reports. “Icahn, who invested around $1 billion in Apple, has said he wants the iPhone maker to increase its buyback program to boost the share price.”
Satariano reports, “Icahn wants Apple to borrow $150 billion at a 3 percent interest rate to fund the purchases and avoid paying more taxes, a person familiar with his thinking said earlier this month.”
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Full Nasdaq trading resumes; Icahn to meet with Apple CEO Tim Cook in September – August 22, 2013