Icahn Recruits Former IBM, HP Exec in Continuing Bid to Stop Xerox-Fuji Xerox Merger
In his continuing quest to stop the proposed merger of Xerox and Fuji Xerox, under which Fujifilm of Japan would have a 50.1 percent controlling interest, billionaire activist investor Carl Icahn today published a new letter to Xerox shareholders.
Icahn is urging Xerox shareholders to reject the proposed merger at an upcoming May 2018 Xerox shareholders’ meeting, and has repeatedly stated that the proposed merger won’t benefit Xerox shareholders, and that more value could be obtained by selling it to a private-equity firm or competitor. In this most recent letter, Icahn argues that there is “tremendous value in a stand-alone Xerox with new management.”
In the letter to Xerox shareholders, Icahn announced that he has engaged John Visentin as a consultant both in connection with the upcoming proxy contests and “to explore strategic alternatives for Xerox.”
Visentin previously served at Hewlett-Packard and IBM, managing multi-billion-dollar business units at both companies. According to Icahn, “John is a highly in-demand operating executive with a superb track record, specifically when it comes to revamping complex operations with prior managerial shortcomings in the IT services industry to consistently drive profitable growth.”
According to Icahn, Visentin “most recently drove successful transformations for Apollo Global Management portfolio companies Novitex Enterprises Solutions (where he was Executive Chairman and CEO) and Presidio (where he was Chairman).”
Icahn ends the letter by stating “We believe John has the ideal skill set to help us show shareholders why the proposed Fuji scheme makes no sense and how there is tremendous value potential in a stand-alone Xerox with new management. John will be intimately involved in our outreach over the next few weeks and months as we, together with Darwin Deason and his team, explain our strategy to maximize shareholder value at Xerox.
- March 2018: Xerox-Fuji Xerox Merger May be Good for Xerox Shareholders – But Is It Good for Fujifilm?
- March 2018: Refuting Icahn, Deason, New Xerox Shareholder Letter Lays Out Benefits of Proposed Merger with Fuji Xerox
- March 2018: Deason Sues to Replace Xerox Board; New Joint Deason-Icahn Letter
- March 2018: Xerox Tells Deason: Forget Nominating Any Board Members
- February 2018:Seeking to Derail Xerox Merger, Deason Demands to Nominate New Directors to Xerox Board
- February 2018: This Week in Imaging: Icahn, Deason Say Sell Xerox to Competitor or PE – But Who Would Buy?
- February 2018: Xerox Responds to Icahn, Deason’s ‘Misguided Campaign’ to Undermine Proposed Fuji Xerox Merger
- February 2018: Icahn, Deason Propose Sale of Xerox to Competitor or Private-Equity Firm
- February 2018: This Week in Imaging: Fujifilm Envisions the New Combined Xerox-Fuji Xerox
- February 2018: Xerox Responds to Deason Lawsuit that Seeks to Block Merger
- February 2018: Deason Files Lawsuit to Block Fujifilm Takeover of Xerox; Xerox Responds to Criticism
- February 2018: Combined Xerox and Fuji Xerox Will Create One of World’s Largest Copier Companies, Says Fujifilm CEO
- January 2018: Xerox and Fujifilm Announce Agreement for Xerox to Merge with Fuji Xerox