Carl Icahn just bought a seven per cent stake in Xerox, sending the struggling printer company’s share price soaring
Carl Icahn just bought a seven per cent stake in Xerox, the billionaire investor revealed late this evening.
Xerox shares leapt over 10 per cent on the news that Icahn had bought 8.2m Xerox shares for $86.5m, according to a filing with the US Securities and Exchange Commission.
Calling the shares “undervalued”, Icahn said in the filing that he would be seeking discussions with Xeror management over “improving” the company’s operational performance and strategic alternatives.
The activist investor also revealed that he is considering board representation.
The stake makes Icahn the printer company’s second-largest shareholder, according to reports Dow Jones.
Xerox stocks, which have fallen over 22 per cent over the year, rallied gamely on the news, to trade at $10.75 in after-hours trading.
Earlier today, Icahn called a shareholder meeting for AIG investors to oust chief executive Peter Hancock, and ramp up plans to split the insurance giant in three.