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Xerox’s Icahn under the spotlight

December 16, 2019

Miami firefighters pension fund sue Carl Icahn over HP Inc deal.

The Miami Firefighters Relief and Pension Fund who are Xerox shareholders have sued fellow Xerox shareholder Carl Icahn and his investment company Icahn Capital LP and High River Limited, alleging they purchased 63 million HP shares of HP, making Icahn one of the largest HP shareholders, knowing that Xerox was considering acquiring the stock at a premium, Bloomberg reports.

Icahn Capital owns almost 11% of Xerox and is the largest shareholder and between the beginning of July and September 30 acquired and now owns more than 62.9 million shares of HP Inc, making Icahn the fifth-largest shareholder in the company, the article said.

Last month The Recycler reported that Xerox had made an audacious bid to acquire HP for a cash-and-stock offer reported to value HP at a premium to its market value of $27 billion (€24.4 billion).

The HP board subsequently rejected the deal, but Xerox are now taking the offer to shareholders in a bid to secure this David and Goliath deal.

In a presentation to investors last week, Xerox said the takeover would create as much as $1.5 billion (€1.35 billion) in potential revenue growth if the two companies come together.

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