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4 October 2023
Xerox Gets Rid Of Activist Investor Carl Icahn
ROCHESTER, NY—
Xerox is purchasing all of the company’s shares that are owned by investor Carl Icahn for about $542m. Xerox said the transaction is expected to close no later than today (29 September) and that, subsequent to the closing of the transaction, the Icahn parties will no longer hold any Xerox common shares. As the repurchase closes, Icahn directors, will resign from the company’s board of directors.
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Carl Icahn blocked the sale to FujiFilm who has now become Xerox's largest competitor
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Carl Icahn was a vocal presence as an activist investor over the years, calling for the company to make changes to its board in 2017, opposing its proposed sale to Fujifilm in 2018, which was subsequently canned, and backing its bid to buy HP, which was scrapped when the Covid pandemic escalated in early 2020. Xerox sold metal additive manufacturing business Elem Additive Solutions to ADDiTEC. This followed its donation of PARC to SRI International and the sale of the Xerox Research Center of Canada to Myant Capital Partners earlier this year.
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