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Xerox Splits Into Two Companies, Icahn Not Behind Move (thestack.com)
An anonymous reader writes: Printer and copier maker Xerox has announced its plans to split into two separate publicly traded companies, giving billionaire Carl Icahn three board seats in the settlement. CEO Ursula Burns has now claimed that the decision was not driven in any way by the activist investor. Burns confirmed that the company had begun looking into its structure and portfolio from October 2015, in order to better reflect changes in the market. She added that no conversations with Icahn took place prior to these reviews, or before it made the final call. Xerox will now be divided into a new business process outsourcing company, and a document technology firm. Burns explained that her role, in either company, has not yet been confirmed. However now that the split is being implemented, leadership discussions will be held shortly, she said.
So his stake in Xerox is 9.12%: "Carl Icahn (Trades, Portfolio) increased his shareholding of Xerox XRX +0.00% (NYSE:XRX) in January, a filing revealed Friday as the company announced increased partnership with him and major changes in line with his vision for the company.
Icahn’s funds purchased an additional 5,740,871 during the period from Jan. 4 to Jan. 8, at an average price of $10.05 per share. According to the filing, the purchases brought his total stake in the company to 92,377,043 shares, or 9.12% of its shares outstanding, and a boost of 12.2% from his last disclosure in December.
Icahn’s three selected board members will join a nine-member board of directors for the BPO company. The current board will begin searching for an external candidate for CEO of the BPO company and also allow Icahn to choose a representative to be involved in the search process, Xerox said.
[...]
“Happy to announce we reached an agreement with $XRX re: separation into two independent public companies,” Icahn said on Twitter TWTR +0.00% Friday. “We believe the separation will greatly enhance value for $XRX shareholders. I applaud and respect Ursula Burns for doing what she believes shareholders want – as @Donahoe_John did with $Ebay EBAY +0.00% and $PYPL. I hope and believe the results will be just as good for XRX shareholders.”
Icahn’s tweets referred to the division of Paypal (NASDAQ:PYPL) from eBay (NASDAQ:EBAY) that he prompted last year and which became complete in July. Since they began trading separately on July 20, eBay’s shares have fallen 18.3% and Paypal Holdings shares have declined 6.7%."
-- Forbes link (sorry folks, but that's where the info was)
Icahn himself says he "reached an agreement" with Xerox. The guy is a famous corporate raider with a significant stake in the company. Whoever said Icahn had nothing to do with it is delusional or lying.