How Carl Icahn Quietly Became The Second Largest Holder In Xerox

It seems legendary activist investor Carl Icahn may have laid eyes on his next target: Xerox Corp.

. In a

issued after the close on Monday, Icahn showed a new 7.13 percent stake in the supplier of business services and document technology. The stake comes to a total share amount of just over 72.2 million shares, making Icahn the second largest shareholder behind Vanguard and ahead of State Street. Icahn indicated his belief shares of Xerox were "undervalued" at the timing of the filing. The 13D showed Icahn will be holding talks with management and the Board of Directors related to "improving operational performance and pursuing strategic alternatives, as well as the possibility of board representation." A representative from Xerox was not able to be immediately reached for comment. Shares of Xerox initially spiked to a post-market high at $13.19; the price has pared gains notable since then, but still remains up about seven percent in after-hours trade. After closing Monday's session at $10.76, Xerox shares were last indicated around $11.51.