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Billionaire Carl Icahn has bought a 7% stake in Xerox.
The company disclosed this in a regulatory filing on Monday evening.
Icahn bought 72.2 million shares for about $86.5 million. The stake made him one of the largest owners of the printer maker. Other major stakeholders include Vanguard and BlackRock, according to Bloomberg.
Xerox shares jumped by as much as 10% in after-hours trading. Year-to-date, the shares have fallen about 22%.
Icahn acquired the position "in the belief that the shares were undervalued," the filing said, and he intends to "have discussions with representatives of the Issuer's [Xerox's] management and board of directors relating to improving operational performance and pursuing strategic alternatives, as well as the possibility of board representation."
Earlier on Monday, Icahn published a letter to the management of AIG, the insurance company he owns more than 42 million shares of. Icahn said AIG CEO Peter Hancock had not taken up any of the proposals he made in a letter last month, including splitting up the company.
Here's a chart showing the jump in Xerox shares after-hours:
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