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Icahn: I had a 'good conversation' with Tim Cook; we both believe Apple is undervalued

Monday, 11 Nov 2013 | 11:45 AM ET
Carl Icahn & Tim Cook talk buyback
Monday, 11 Nov 2013 | 11:47 AM ET
Carl Icahn and Apple CEO Tim Cook have had another "good conversation," as they study a potential buyback, reports CNBC's Scott Wapner. Also, Transocean has raised its dividend after Icahn's push.

Carl Icahn told CNBC he had a "good conversation" with Apple CEO Tim Cook, and both believe that the company's stock remains undervalued.

Apple's Cook told Icahn that he's still studying Icahn's proposal to buy back $150 billion worth of the company's stock.

Carl Icahn
David Grogan | CNBC
Carl Icahn

Icahn met with Cook in late September to discuss such a buyback. However, at the time Cook did not seem interested in a buyback of that size, Icahn told CNBC.

In late October, Icahn put more pressure on Cook by publishing an open letter on his new website called "Shareholder's Square Table."

(Read more: Carl Icahn's letter to Tim Cook )

Shortly after publishing the letter, Icahn told CNBC that he had no intention of giving up on a large buyback and said he may consider a proxy battle to return more value to shareholders.

Undervalued Apple
CNBC's Jon Fortt reports that Carl Icahn still believes Apple is undervalued and has talked to CEO Tim Cook again about a buyback.

(Read more: Carl Icahn: Could consider an Apple proxy fight )

"If they don't do it, we'll test the waters and see if the shareholders want us to do it and if we could win," Icahn told CNBC. "We've said we're not going away. I've said that to (CEO) Tim (Cook) and I'll say it again."

Icahn said in his letter that he owned about $2.5 billion worth of Apple's stock and said that he intends to continue to grow that position.

(Read more: Icahn, Transocean reach deal to resolve proxy battle)

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