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Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says

  • HP last month rejected unsolicited stock offer from Xerox
  • Icahn has urged HP to push ahead with takeover talks
Carl Icahn

Carl Icahn

Photographer: Victor J. Blue/Bloomberg

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A Xerox Holdings Corp. shareholder sued Carl Icahn and an investment vehicle he controls, alleging they bought $1.2 billion worth of HP Inc. shares knowing that Xerox was considering acquiring the stock at a premium.

The Miami Firefighters Relief and Pension Fund filed the lawsuit in New York state court in Manhattan on Friday, alleging Icahn, Icahn Capital LP and High River Limited Partnership breached their fiduciary duties to Xerox by buying HP stock with the knowledge that “Xerox was either considering making an offer to purchase HP, had already approached HP about a possible merger into or acquisition by Xerox, or of the obvious merits of Xerox’s potential acquisition of HP.”