Stunning U-Turn: Xerox Settlement Off; Current Xerox Board, CEO Remain in Place
“The brazen self-interest of the Xerox Board defies description,” stated Carl Icahn, who blamed the Xerox board for letting the deal expire.
Tagged: Fuji Xerox
Xerox Reports First-Quarter Results
Because of Xerox’s announcement this week that its CEO and six Xerox board members will be stepping down under its pending Director Appointment, Nomination and Settlement Agreement with Carl Icahn and Darwin Deason, Xerox is not releasing a financial forecast.
Fujifilm Objects to New Proposed Xerox Agreement with Deason, Icahn
Fujifilm will review its plan to purchase Xerox for $6.1 billion, but also is said to have expressed serious concerns over the new developments.
In Stunning Reversal, Xerox Yields to Deason and Icahn in Far-Reaching Settlement
The new Xerox board will meet immediately to discuss alternatives to the proposed Xerox-Fuji Xerox merger.
Preliminary Injunction Blocks Proposed Xerox-Fujifilm Deal
Court papers noted: “The lynchpin of the Court’s decision turns on the conduct of Xerox CEO Jeff Jacobson in the time frame preceding the Board’s approval of a transaction that granted control of an American icon company to Fuji without any cash payment by Fuji to Xerox shareholders, and the Board’s acquiescence in Jacobson’s conduct.”
Fujiflm Agrees to Re-Open Talks on Proposed Xerox-Fuji Xerox Deal
Xerox’s Keegan was speaking as part of a court hearing involving Xerox shareholder Deason’s lawsuit, which was filed in March 2018, to block Xerox’s deal with Fujifilm and also nominate directors to Xerox’s board.
Court Papers Show Conflicted Xerox Board
Deason argues that Xerox CEO Jeff Jacobson “acted without authorization” to negotiate a deal with Fujifilm, a deal that is is said to have “preserved his job at the expense of shareholder value.
Xerox, Fujifilm Said to be Renegotiating Proposed Merger; Other Interested Buyer Revealed
On Wednesday, Xerox also said that Xerox shareholders should disregard information from Icahn and Deason, stating the two are conducting a “highly disingenuous campaign” that distorts and omits key facts about Xerox and the proposed merger.
This Week in Imaging: Xerox Must Wish it Never Heard of Affiliated Computer Services
Xerox shareholders will vote on the proposed merger of Xerox with Fuji Xerox sometime next month.
Deason, Icahn, Urge Xerox Partnership with HP, Apple, Others, Monetization of IP
On April 17th, activist investors Carl Icahn and Darwin Deason, seeking to stop Fujifilm’s acquisition of Xerox for $6.1 billion and the creation of a new combined Xerox-Fuji Xerox, released a detailed presentation, Rescuing and Revitalizing an American Icon, that presents alternatives to the proposed deal.
Icahn, Deason, Accuse Fujifilm, Xerox CEO of Deceiving Xerox Board
In the letter, the two investors, who together hold approximately 15 percent of Xerox shares, state that “Both the substance of the proposed value-destroying transaction and the conflict-tainted process by which it was hatched are an insult to long-suffering Xerox shareholders and make a mockery of well-established corporate governance norms.”
Other Copier Company Said to Have Been Considering Merger with Xerox
In Deason’s complaint, he refers to the president of another company making an inquiry about “combining” with Xerox.
Deason Alleges Xerox CEO Disregarded Board in Pursuing Fujifilm Deal
The battle between Xerox and activist investors Carl Icahn and Darwin Deason has become even more acrimonious, with new amendments to a Deason lawsuit alleging that Xerox CEO Jeff Jacobson pursued a deal with Fujifilm even after Xerox’s board advised him to stop negotiations.
Icahn Recruits Former IBM, HP Exec in Continuing Bid to Stop Xerox-Fuji Xerox Merger
In this most recent letter, Icahn argues that there is “tremendous value in a stand-alone Xerox with new management.”
Xerox-Fuji Xerox Merger May be Good for Xerox Shareholders – But Is It Good for Fujifilm?
In the past several weeks, activist investors Carl Icahn and Darwin, who together own about 15.2 percent stake in Xerox,......
Refuting Icahn, Deason, New Xerox Shareholder Letter Lays Out Benefits of Proposed Merger with Fuji Xerox
Specifically, the revenue and cost synergies identified through this combination include developing a more complete and competitive product portfolio, with enhanced offerings in areas where Xerox is currently underpenetrated such as high-speed inkjet and low-end A3;
