Xerox Announces $542M Repurchase Of Shares From Carl C. Icahn And Affiliates At A Purchase Price Of $15.84 Per Share
Portfolio Pulse from Benzinga Newsdesk
Xerox Holdings Corporation (NASDAQ:XRX) has announced a $542 million repurchase of all its common stock owned by Carl C. Icahn and his affiliates at a price of $15.84 per share. The transaction, funded by a new debt facility, is expected to close by September 29, 2023. Following the transaction, Icahn Parties will no longer hold any Xerox common shares. Concurrently, Jesse Lynn, Steven Miller, and James Nelson will resign from Xerox's board of directors. Scott Letier has been appointed as the new chairman.
September 28, 2023 | 1:01 pm
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NEUTRAL IMPACT
Carl C. Icahn and his affiliates, who are associated with Icahn Enterprises (NASDAQ:IEP), will no longer hold any Xerox common shares following the repurchase.
The news directly impacts Xerox, not Icahn Enterprises. However, as Carl C. Icahn is associated with Icahn Enterprises, the transaction could potentially have indirect implications for IEP.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Xerox's repurchase of its common stock from Carl C. Icahn and his affiliates could potentially increase the stock's value due to the reduced number of shares in circulation.
The repurchase of shares by Xerox reduces the number of shares in circulation, which could potentially increase the stock's value. Additionally, the repurchase indicates the company's confidence in its own stock, which could positively influence investor sentiment.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100