Carl Icahn Keeps Buying Monro Stock Even After Poison Pill Defense

Carl Icahn isn't backing down from Monro, Inc (NASDAQ:MNRO)— even after the auto repair chain deployed takeover defenses aimed directly at him. The activist investor sharply increased his Monro stake in the fourth quarter, continuing to accumulate shares months after the company adopted a poison pill to limit his influence.

Icahn boosted his Monro holdings by 247% during the quarter, raising his position from 1.46 million shares to over 5.07 million shares as of Dec. 31, according to his latest 13F filing. The stake is now valued at roughly $102 million, cementing Icahn's position as the company's dominant shareholder.

Buying Continued Even After Poison Pill Trigger

Monro adopted its shareholder rights plan in November 2025 after Icahn rapidly built a stake approaching 17%, a level that would give him significant influence. The poison pill was designed to prevent any investor from acquiring 17.5% or more of the company without board approval.

But Icahn didn't stop there. His latest filing shows he continued accumulating shares throughout the fourth quarter, signaling conviction in the investment despite the company's defensive move.

That persistence suggests Icahn sees substantial upside potential — and may be positioning himself to influence the company's future direction.

Activist Playbook Points to Potential Strategic Push

Icahn has a long history of targeting automotive aftermarket companies, including prior investments in Pep Boys and Federal-Mogul. His activist campaigns often focus on improving operations, unlocking shareholder value, or pursuing strategic alternatives.

Monro's defensive response and Icahn's continued buying point to rising strategic tension between the investor and the company's leadership.

With Icahn now firmly established as Monro's largest shareholder and still building his position even after the poison pill, investors will be watching closely for signs of a deeper activist push that could reshape the company's trajectory.

Image created using artificial intelligence via Midjourney.