Now a bad time for a takeover, says Apple CEO

Now would be a bad time to take over Apple Computer, because the company is in the midst of a turnaround, according to Apple chairman and CEO Gil Amelio.

Now would be a bad time to take over Apple Computer, because the company is in the midst of a turnaround, according to Apple chairman and CEO Gil Amelio.

In an interview with The San Jose Mercury News, Amelio responded to a report in the previous day's edition that Oracle chairman and CEO Larry Ellison was considering forming a group of investors to take control of Apple. Ellison told the newspaper he would replace the management at Apple if he were to takeover, and he sought public comment on his ideas in a press release later in the day.

"If as a consequence of some suitor coming along, if that were to catapult us in new directions, that would be very bad at this point in time because I think we do have it figured out," Amelio says in the interview.

"On the other hand, if someone came along who wanted to make, say, a financial investment in the company, but was willing to let us play out the strategy as we see it, potentially that could be a positive for shareholders," he says.

Shares of Apple stock rose 11% on Tuesday following the mysterious purchase of 3.3 million shares in two chunks.

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