Carl Icahn Becomes Second Largest Stakeholder In Xerox

Carl Icahn

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.

SEE ALSO:
Top 10 Lesser Known Tax Deductions for Small Businesses

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.