Do you know what Apple may be planning to do with its capital - like maybe majorly disrupt an established industry, like entertainment? No, thought so, so #$%$. Icahn just wants a quick pay-day and does not give a #$%$ about Apple
Yes, they have 140B in Cash, but 110B of that is overseas.. Bringing back reduces it by 30%.. I think Apple is wise to wait for a tax holiday while investing this money slowly overseas on new stores and overseas ventures while doing intermediate investments that yield 3 to 5% annually.
Now if you are like me and think Apple is trading at 50% of its current value, then taking the 30% tax hit might make sense. But it's not like Apple can freeze it's stock price while it repurchases 80 Billion worth of stock. Maybe they could do another Bond sell at 3% interest, but not so sold on the idea of taking 50B more in debt. Apple already is buying back 60B in stock which is using up all their free US Cash flow plus the Bond Sell. A patient investor (not Icahn) would want apple to slowly rebuy shares over years not days as the stock slowly moves back to it's true value of around 800 to 1000.