Apple CEO Tim Cook set to meet Carl Icahn on Monday -- report

CNBC's David Faber says the two will get together next week to talk about Apple's share buyback program, though he didn't say how he learned of the major meeting.

Carl Icahn tweeted about his upcoming tete-a-tete with Apple CEO Tim Cook.
Carl Icahn tweeted last month about his upcoming tete-a-tete with Apple CEO Tim Cook. Screenshot by Stephen Shankland/CNET

Apple CEO Tim Cook and activist investor Carl Icahn are planning to meet next week, according to a new report.

CNBC's David Faber reported on Thursday that Cook and Icahn will hold a meeting to discuss Apple's share buyback program on Monday. Faber didn't cite his source nor did he say what time the meeting will take place.

Last month, Carl Icahn tweeted that he would be meeting with Cook in September , but didn't specify a date. Assuming that meeting hasn't happened just yet, Icahn and Cook have precious little time to make it happen.

Icahn's stake in the company is said to be worth about $2 billion. In August, Icahn announced that he'd be meeting with Cook to discuss Apple's share buyback program, which he says is too small. Earlier this year, Apple announced that it would return $100 billion of its cash to shareholders through dividends and a $60 billion share buyback. Apple started buying back some shares last year.

The extent to which Apple buys back shares is important to Icahn. The more shares a company buys back relative to its total outstanding shares, the more the move can affect a stock price. In this case, it would mean that Apple's shares would rise as the total stock supply falls and demand continues to stay strong. Icahn would like to see more shares bought back to push the stock price even higher.

For its part, Apple has said that its buyback level is appropriate and has no plans to increase its investment in shares.

CNET has contacted Apple for comment on Faber's report.

 

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