Xerox Corp (XRX): Billionaire Carl Icahn Lieutenant Appointed to Board; Icahn Increases Stake to 9.78%

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According to the latest 13D filing with the US SEC, billionaire Carl Icahn‘s Icahn Capital LP has entered into an agreement with Xerox Corp (NYSE:XRX), upon which, among other things, the company will immediately appoint to the board of directors Icahn’s lieutenant Jonathan Christodoro.

It was also revealed in the filing that Icahn Capital LP increased its stake in Xerox Corp (NYSE:XRX) and that it currently owns 99.03 million shares, which amass 9.78% of the company’s outstanding shares. The fund previously held 92.38 million shares, according to its latest 13F filing (for the end of March).

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Xerox Corporation is a company that provides a variety of professional business services, such as business process outsourcing and document outsourcing. Year-to-date, the company’s stock is down by 15.71%.  In its latest financial report for the first quarter of 2016, the Xerox Corporation disclosed earnings per share of $0.22 and revenue of $4.28 billion, which compares to earnings per share of $0.24 and revenue of $4.47 for the same quarter in the previous year.

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Among hedge funds tracked by Insider Monkey, 29 reported long positions in Xerox Corporation (NYSE:XRX) at the end of March, versus 25 funds in the previous quarter. Icahn Capital LP disclosed the biggest position, followed by Cliff Asness’ AQR Capital Management with the second-largest stake worth around $121.2 million. Some other investors with similar bullishness contain Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and David Harding’s Winton Capital Management.

Investors that have acquired the biggest positions during the quarter encompass Joel Greenblatt’s Gotham Asset Management, which invested $44.2 million in the company, and Israel Englander’s Millennium Management, which also initiated a valuable position worth $7.5 million. Some other funds with new positions in the stock are Paul Tudor Jones’s Tudor Investment Corp, Matthew Tewksbury’s Stevens Capital Management, and Neil Chriss’s Hutchin Hill Capital.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
High River Limited Partnership 19,806,005 0 19,806,005 0 19,806,005 1.96%
Hopper Investments 0 19,806,005 0 19,806,005 19,806,005 1.96%
Barberry Corp 0 19,806,005 0 19,806,005 19,806,005 1.96%
Icahn Partners Master Fund 32,815,099 0 32,815,099 0 32,815,099 3.24%
Icahn Offshore 0 32,815,099 0 32,815,099 32,815,099 3.24%
Icahn Partners 46,408,922 0 46,408,922 0 46,408,922 4.58%
Icahn Onshore 0 46,408,922 0 46,408,922 46,408,922 4.58%
Icahn Capital 0 79,224,021 0 79,224,021 79,224,021 7.82%
IPH GP 0 79,224,021 0 79,224,021 79,224,021 7.82%
Icahn Enterprises Holdings 0 79,224,021 0 79,224,021 79,224,021 7.82%
Icahn Enterprises G.P. Inc 0 79,224,021 0 79,224,021 79,224,021 7.82%
Beckton Corp 0 79,224,021 0 79,224,021 79,224,021 7.82%
Carl C. Icahn 0 99,030,026 0 99,030,026 99,030,026 9.78%
Date of Transaction Amount of Securities Price Per Share High River Limited Partnership

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Page 1 of 17 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Xerox Corporation
(Name of Issuer)
Common Stock, $1 par value
(Title of Class of Securities)
(CUSIP Number)
Jesse Lynn, Esq.
Icahn Capital LP
767 Fifth Avenue, 47th Floor
New York, New York 10153
(212) 702-4300
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 27, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box / /.
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d‑7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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