Apple’s CEO Steve Jobs told shareholders at its annual meeting yesterday that its $25 billion in cash and short-term securities would not be doled out as dividends, but rather is best set aside for making acquisitions.
“When we think about big, bold things, we know that if we needed to acquire something, a piece of the puzzle, to make something big and bold a reality, we could write a check for it,” he said, according to Reuters. “We’re a large enough business now, that in order to really move the needle, we’ve got to be thinking pretty bold, pretty large. And who knows what’s around the next corner.”
Despite the comments, the WSJ reported that no buy-outs were immediately on the horizon. Already this year, Apple (NSDQ: AAPL) agreed to buy mobile ad network Quattro Wireless for an undisclosed sum that’s believed to be around $270 million, and is believed to be scouting more deals after hiring Adrian Perica, an M&A specialist, formerly of Goldman Sachs.