Carl Icahn Invests More in Xerox

Carl Icahn Invests More in Xerox

Activist investor Carl Icahn raised his stake in U.S. printer maker Xerox Holdings Corp (XRX.N) to about 14.4% as of Nov. 5, according to a file. It is months after he backed the company’s abandoned takeover of personal computer maker HP Inc (HPQ.N).

According to Reuters, Xerox’s shares rose 3.4% in extended trading on the news.

Icahn, who last reported a stake of 12.9% in Xerox as of Sept. 9, had also built a sizable stake in HP around the time Xerox reached out to it for a merger.

On Aug. 5, GuruFocus reported that Carl Icahn increased his stake in Xerox by 7.73%. The guru invested in 1.8 million shares of Xerox, impacting the equity portfolio by 0.16%. The stock traded for an average price of $16.12 on the day of the transaction.

HP Inc rebuffed Xerox’s initial offers and Xerox went hostile with its bid but ultimately gave up the pursuit in March due to the coronavirus pandemic.

More background information at:

• Xerox Acquires, but it’s not HP
• Xerox Blames Pandemic for Abandoning HP Bid
• HP Inc. CEO Discusses Xerox Bid and More
• Xerox to Seek Approvals from Shareholders
• Xerox Plans to Nominate New HP Board
• Further Action: Xerox Launched Tender Offer
• HP to Battle Xerox with Shareholder Rights Plan
• Xerox to Seek Support from HP Shareholders
• HP Takes Weeks To Answer Xerox Bid
• Xerox Makes Hostile Bid for HP Shares

Icahn dissolved his shared share stake in HP as of the end of June, as per filings with the U.S. Securities and Exchange Commission.

Related:

• Carl Icahn Increases Investment in Xerox

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