Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.
Billionaire investor Carl Icahn has become the largest single shareholder in the auto service chain Monro after acquiring a significant stake. A recent regulatory filing revealed that Icahn now owns 4,439,914 shares, equating to a 14.8% stake in the company. These shares were purchased through Icahn's investment entities, although it remains unclear whether he intends to advocate for changes at Monro.
This development makes Icahn Monro's largest shareholder, overtaking BlackRock Fund Advisors, which, according to FactSet data, held a 14.11% stake based on the latest filing.
Following this disclosure, Monro's shares saw a substantial increase, surging over 17% in afternoon trading on Wednesday. The Wall Street Journal was the first to report on Icahn's strategic investment.