Billionaire Investor Icahn is Second-Largest Xerox Shareholder; Considering ‘Strategic Alternatives’ for Xerox
Reuters has reported that billionaire activist investor Carl Icahn disclosed a 7.13 percent stake in Xerox in a securities filing on November 23rd, which makes him the second-largest shareholder of Xerox. Icahn said he would look at getting representation on Xerox’s board of directors, and would also consider “strategic alternatives” for the company, and says Xerox stock is currently “undervalued.”
The news comes on a report from Xerox last month that the company will review its operations after reporting a disappointing quarter.
Some analysts have speculated that Icahn may recommend that Xerox sell its stake in its joint Fuji Xerox holding, as well as separate Xerox into a document-imaging company that would focus on copiers and printers, and an IT-services business. More recently, Icahn recommended a breakup of American International Group.
“We are aware that Carl Icahn has made an investment in the company. Xerox welcomes open communications with shareholders and values constructive dialogue,” Xerox said in a statement.
October 2015: Difficult Quarter for Xerox; Will Review Operations