Activist investor Carl Icahn has purchased a 7.13% stake in Xerox Corp., making him the second-largest shareholder of the company.
Icahn called the shares he purchased “undervalued” and shortly after his position was known they increased 7.6% in extended trading.
In a securities filing Icahn said he plans to discuss how Xerox can be improved for operational performance. He also plans to pursue strategic alternatives and the possibility of board representation.
In October officials at Xerox promised to review its businesses and capital allocation options.
Over the last several quarters the company has begun a restructuring process that has not helped turn around stock performance at the 109-year old company.
Vanguard Group Inc, is currently the largest shareholder with an 8.37% stake.
No further details have been made available at this time.