Other Copier Company Said to Have Been Considering Merger with Xerox
According to The Street, a source has told The Street’s sister publication, The Deal, that HP Inc. had been “sniffing around Xerox” prior to the proposed Xerox-Fuji Xerox deal. The Street says that activist investor Carl Icahn and fellow Xerox shareholder Darwin Deason, both of whom own a combined 15-percent of Xerox shares, could ultimately push for a Xerox-HP Inc. combination.
Over the weekend, Deason amended his lawsuit against Fujifilm, Xerox CEO Jeff Jacobson, the Xerox board of directors, and former Xerox CEO Ursula Burns, charging that the Xerox board was seeking to replace Jacobson and that Jacobson continued negotiations with Fujifilm even though the Xerox board to stop those negotiations.
In Deason’s complaint, he refers to the president of another company making an inquiry about “combining” with Xerox, but the name of the president and company are redacted. Both Deason and Icahn have argued that the proposed Xerox-Fuji Xerox deal under-values Xerox, and that Xerox shareholders would receive more value if it was sold to another printer/copier company, or to a private-equity firm.
According to The Hour, the Xerox board was supposedly considering a former IBM and HP executive, John Vistentin, to replace Jacobson. Last month, Icahn recruited Vistentin to help stop his bid to halt the proposed Xerox-Fuji Xerox merger.
While these new allegations are interesting, it’s important to note that last year, HP Inc. had just completed its purchase of Samsung’s printer business for $1.05 billion. Was HP Inc. ready, willing, or even in a position, to spend several more billion for Xerox? Under the proposed deal with Fujfilm, Fujifilm would be spending some $6.1 billion to acquire a 50.1 percent majority interest in the new combined Xerox-Fuji Xerox.
- April 2018: Deason Alleges Xerox CEO Disregarded Board in Pursuing Fujifilm Deal
- March 2018: Icahn Recruits Former IBM, HP Exec in Continuing Bid to Stop Xerox-Fuji Xerox Merger
- 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: This Week in Imaging: Icahn, Deason Say Sell Xerox to Competitor or PE – But Who Would Buy?
- 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 Icahn, Deason’s ‘Misguided Campaign’ to Undermine Proposed Fuji Xerox Merger
- February 2018: Seeking to Derail Xerox Merger, Deason Demands to Nominate New Directors to Xerox Board
- February 2018: Deason Files Lawsuit to Block Fujifilm Takeover of Xerox; Xerox Responds to Criticism
- January 2018: Xerox and Fujifilm Announce Agreement for Xerox to Merge with Fuji Xerox