Conduent Inc. (CNDT) – Well-Priced Share Repurchase Takes Out Activist

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Tuesday, June 11, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Carl Icahn exits. Yesterday the company announced that it repurchased roughly 38 million shares controlled by Carl Icahn for $3.47/share ($132 million). The purchase price was based on the close on June 7th. With the transaction, Carl Icahn no longer has a beneficial interest in the company’s common equity. In addition, the 3 Icahn sponsored board members resigned. We expect the company to seek replacements for the retired board members with members that could support its growth initiatives. 

Backstory. Carl Icahn played an activist role in spinning out Conduent from Xerox in 2017 and had been a CNDT shareholder ever since. We believe that Icahn was supportive of the company’s asset sales and its current transition plan, but likely chose to focus on his larger positions. Notably, Icahn exited his Xerox stake last year.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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