Billionaire investor Carl Icahn has taken a significant equity position in Monro, an auto service chain, marking another notable venture in the automotive sector for Icahn. As disclosed in a recent regulatory filing, Icahn now owns 4,439,914 shares, translating to a 14.8% stake in the company. The shares were acquired through Icahn's investment entities, although it remains unclear if he intends to advocate for any operational or strategic changes at Monro.
With this acquisition, Icahn surpasses BlackRock Fund Advisors, becoming the largest single shareholder of Monro, previously recognized as Monro Muffler Brake, according to data from FactSet.
Following the disclosure of Icahn's investment, Monro's stock price experienced a surge of over 17% during Wednesday's afternoon trading session. The Wall Street Journal was the first to report on this strategic move.