Carl Icahn: Doing The Hard Work

Carl Icahn, largest Xerox (NYSE: XRX) shareholder, has now teamed up with the third largest shareholder Darwin Deason to get Xerox sold. The two own over 15% of the company. They’ll also remove the Xerox CEO Jeff Jacobson. Recall that Icahn helped get Xerox split into two, where Icahn and Deason were on opposite ends of that battle.

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To get a sale done, Icahn might push for breaking up the joint venture with Fujifilm Holdings. To get this done Icahn might have to get rid of Jacobson and other directors that can’t make the hard decisions. Icahn is pushing for four board seats. Icahn notes, “Every day that the ’old guard’ remains in power—feebly overseeing the company’s steady decline—is a waste of time that could inevitably erode the value of our investment down to nothing.” The headwind might be navigating Fujifilm’s rights in the joint venture, but there was an accounting scandal at the joint venture last year that could work in providing leverage for a potential buyer.

David Einhorn Buys Three New Stocks: These Are The Names And Theses (Q3 Letter)

david einhorn, reading, valuewalk, internet, investment research, Greenlight Capital, hedge funds, Greenlight Masters, famous hedge fund owners, big value investors, websites, books, reading financials, investment analysis, shortselling, investment conferences, shorting, short biasDavid Einhorn's Greenlight Capital funds returned 5.9% in the third quarter of 2020, compared to a gain of 8.9% for the S&P 500 in the same period. This year has been particularly challenging for value investors. Growth stocks have surged as value has struggled. For Greenlight, one of Wall Street's most established value-focused investment funds, Read More


Here’s the latest Icahn letter to Xerox.

Article by Activist Stocks