Benzinga | Aug 10, 2020 02:42PM EDT

Xerox Trades Higher After Carl Icahn Buys Shares

Xerox (NYSE:XRX) shares are trading higher on Monday after Carl Icahn added to his stake in the company, purchasing 1.8 million shares at an average price of $16.31.

Icahn has been pushing for Xerox to merge with HP Inc for an extended period of time. He most recently spoke about the potential merger in March.

Xerox is an original equipment manufacturing and software company. Xerox operates in one segment--design, development and sale of printing technology and related solutions--while deriving 60% of its revenue from North America, and 40% from international markets.

Xerox shares were trading up 5.73% at $17.72 on Monday at the time of publication. The stock has a 52-week range between $39.47 and $14.22.