November 11, 2013 / 6:08 PM / 5 years ago

Icahn spoke again with Apple's Cook on stock buyback: CNBC

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange, June 27, 2007. REUTERS/Chip East

NEW YORK (Reuters) - Activist investor Carl Icahn has spoken with Apple Inc. Chief Executive Tim Cook again to discuss a potential stock buyback, cable television network CNBC reported on Monday.

Icahn, who has demanded a $150 billion buyback publicly and privately to Apple’s Cook since August, had a good conversation with Cook and they both continue to believe the company is undervalued, CNBC reported.

Icahn owns roughly 4.7 million shares in the technology giant; he revealed on August 13 that his investment firm had a “large position” in Apple. He has said that Apple shares could trade at $700 with a larger stock buyback.

Apple shares were down 0.36 percent at $518.70 in afternoon trading on Monday.

Icahn and Apple were not immediately available for comment.

Icahn also said that he hoped offshore driller Transocean would raise its stock dividend further in the future, CNBC reported.

Switzerland-based Transocean said Monday that it had reached an agreement with Icahn to pay out a $3 dividend and reduce its maximum number of board seats to 11 from 14.

Icahn, who disclosed a 5.6 percent stake in the company in January, had previously pressed for a $4 per share dividend. Transocean shares were up 3.8 percent at $55.5 in afternoon trading.

Reporting by Sam Forgione; Editing by Leslie Adler

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