Bloomberg News

Icahn Discloses Holdings in Apple, Nuance Amid Push for Payouts

November 15, 2013

Billionaire Investor Carl Icahn

Billionaire investor Carl Icahn has indicated that he intends to buy more of Apple Inc.'s stock that he said is undervalued. Photographer: Scott Eells/Bloomberg

Carl Icahn, the billionaire activist investor urging Apple Inc. (AAPL:US) to buy back $150 billion of its shares, owns a stake of 3.88 million shares in the iPhone maker worth $2.05 billion, a filing showed.

The holding, as of Sept. 30, is part of Icahn’s drive to get Apple to deploy more of its cash to return value to shareholders. He sent a letter to Chief Executive Officer Tim Cook last month urging the board to increase stock repurchases.

The investor said in the letter that he increased his holdings in Apple to 4.7 million shares, a figure that wasn’t reflected in yesterday’s filing with the U.S. Securities and Exchange Commission since it tallied numbers through the end of September. Icahn has indicated that he intends to buy more of the stock, which he said is undervalued.

Icahn is lobbying for Apple to return more cash months after Cupertino, California-based Apple announced a plan for a total of $100 billion in dividends and buybacks.

Steve Dowling, a spokesman for Apple, declined to comment on the filing.

Icahn also reported that he added 20.9 million shares to his holding in Nuance Communications Inc. (NUAN:US) as of Sept. 30, bringing his total stake in the developer of speech-recognition software to 52.4 million, worth $839 million.

Nuance named two directors from Icahn’s firm last month, seeking to ward off a proxy fight for control of the company’s board. As part of the pact with Nuance, Icahn’s investment firm agreed to a standstill provision, which prevents a hostile takeover by limiting the amount of voting stock it can acquire to 20 percent.

Richard Mack, a spokesman for Burlington, Massachusetts-based Nuance, declined to comment.

To contact the reporter on this story: Peter Burrows in San Francisco at pburrows@bloomberg.net

To contact the editor responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net


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Companies Mentioned

  • AAPL
    (Apple Inc)
    • $96.36 USD
    • 1.14
    • 1.18%
  • NUAN
    (Nuance Communications Inc)
    • $18.19 USD
    • 0.14
    • 0.77%
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