The following appears on WSJ.com

Xerox Corp. has struggled for years with shrinking sales of printers and copiers. Now the 109-year-old company has a new challenge: Activist investor Carl Icahn has taken a big stake and is trying to shake things up.

Mr. Icahn disclosed Monday that he has accumulated a 7.1% stake in Xerox, saying the company is undervalued and he may seek board seats. Xerox shares, which had fallen 22% so far this year as of Monday’s close, rose 7.1% in after-hours trading to $11.51.

Mr. Icahn’s disclosure comes a month after Xerox said it would launch a review of its business. After Xerox posted its first quarterly loss since 2010, the company’s chief executive, Ursula Burns, said on Oct. 26 that “undertaking a comprehensive review of structural options for the company’s portfolio is the right decision at this time.”

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