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Carl Icahn increases stake in Xerox to 14.4%

Billionaire investor Carl Icahn has raised his stake in US print giant Xerox Holdings to about 14.4%, several months after he supported the company's failed takeover of HP. Xerox shares have been trading at around USD$19, about half of what Fujifilm offered in its bid package almost 2 years ago.

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    Billionaire investor Carl Icahn (cnbc.com)

“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,” said Reuters. “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.”

Icahn dissolved his stake in HP at the end of June.

In its third-quarter 2020 financial results announced last month, Xerox reported revenue of $US1.77 billion, down 18.9 percent year-over-year but up $302 million from the second quarter.

"The flexibility and financial discipline we have built in our company enabled us to increase earnings and cash flow sequentially,” said Xerox CEO John Visentin. “While we can’t reliably predict the ongoing economic impact of the pandemic, we are prepared to respond however events unfold and are committed to delivering positive cash flow and earnings in the fourth quarter. Investments in digital solutions and services are paying off as companies prepare for a more hybrid work experience that shifts seamlessly between the office and home.”