Carl Icahn talking at Delivering Alpha in New York on Sept. 13, 2016.David A. Grogan | CNBCActivist investor Carl Icahn has purchased a $1.2 billio
Carl Icahn talking at Delivering Alpha in New York on Sept. 13, 2016.
David A. Grogan | CNBC
Activist investor Carl Icahn has purchased a $1.2 billion stake in HP Inc and is pushing for the non-public laptop maker’s merger with printer maker Xerox, arguing {that a} union might yield large earnings for buyers, The Wall Road Journal reported on Wednesday.
Icahn, who owns a 10.6% stake in Xerox, now owns a 4.24% stake in HP, the Journal stated.
An HP spokesperson informed Reuters the corporate is conscious of Icahn’s funding and is dedicated to doing what’s in the perfect pursuits of all HP shareholders. HP didn’t disclose how a lot stake Icahn owns within the PC maker.
Xerox made a roughly $33 billion cash-and-stock provide for HP, an organization greater than 3 times Xerox’s dimension, Reuters reported final week. HP confirmed the bid, however has not disclosed the provide worth.
“I believe a mixture is a no brainer,” Icahn was quoted as saying by the Journal.
“I consider very strongly within the synergies,” he stated, including that “there’ll most likely be a alternative between money and inventory and I’d a lot moderately have the inventory, assuming there is a good administration staff.”
Xerox believes it may obtain not less than $2 billion in annual price synergies by creating an workplace expertise provides big, one supply informed Reuters final week.
The billionaire informed the Journal that his staff started …