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  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-04-17 00:00:00",
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  "notes": "Includes a timeline of key events (Icahn stake, spin-off announcement, completion) overlaid on a 5-year TSR line chart.",
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      "kind": "callout",
      "text": "The primary reason Xerox's stock price increased at all in the recent past is due to the Conduent spin-off, which was completed at Icahn's urging",
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      "text": "Despite announcing a deal that ostensibly provides a control premium, the closing price of Xerox stock on April 13, 2018 was $28.17 per share – that's ~14% below the closing price on the day prior to the announcement and ~37% below management's purported deal value of $45.00 per share",
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      "text": "Post Conduent spin, Xerox's stock has regressed to underperforming the market and its peers",
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      "text": "Five Year Total Shareholder Return line chart showing Xerox, S&P 500, and Peer Group performance from 2013 to 2018.",
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      "text": "Total Shareholder Return: 37.2%",
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      "text": "Source: Capital IQ data as of 4/13/2018. 1) Group is equal-weighted and consists of Canon, Hewlett-Packard, Konica Minolta and Ricoh. 2) Represents mean value for peer group. 3) Since 12/31/2016",
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      "text": "Xerox shares have significantly underperformed relevant benchmarks and peers over the last five years",
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