Apple Inc. CEO Tim Cook had agreed to Carl Icahn saying that Apple Inc. (NASDAQ:AAPL) stock remains undervalued. In an interview with CNBC, Icahn said that a "good conversation" between him and Cook had transpired.

According to Icahn, Cook is now open to the idea of Icahn's proposal to a buyback of $150 billion worth of the company's stock.

Icahn was already in position of $2.5 billion worth of share of Apple Inc. (NASDAQ:AAPL). He had always been vocal that he desires to increase his position. Icahn predicted that shares of Apple Inc. (NASDAQ:AAPL) would trade roughly at $700 per share if the $150 billion worth of share buyback will ensue.

He had always been passionate about this buyback programme.

In October, he published an open letter through his Web site the "Shareholder's Square Table" prodding Cook to push through with the buyback as soon as possible. He had been claiming the same thing about Cook agreeing that the Apple Inc.'s share was undervalued.

"When we met, you agreed with us that the shares are undervalued. In our view, irrational undervaluation as dramatic as this is often a short term anomaly. The timing for a larger buyback is still ripe, but the opportunity will not last forever. While the board's actions to date ($60 billion share repurchase over three years) may seem like a large buyback, it is simply not large enough given that Apple currently holds $147 billion of cash on its balance sheet, and that it will generate $51 billion of EBIT next year (Wall Street consensus forecast)."

After this letter was published, Icahn had spoken with CNBC again saying that he had no intention of conceding his proposal about the buyback programme.

"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. We've said we're not going away. I've said that to (CEO) Tim (Cook) and I'll say it again."

However, there was still no significant reaction from Cook.

Meanwhile, Apple Inc. (NASDAQ:AAPL) real time stock quote as of Nov 11, 2013 market closed (published by NASDAQ OMX) is at $518.61 down 0.37 per cent; previous close was at $520.56; day's high at $522.97, day's low at $514.41; weeks high at $522.97, weeks low at $385.10.