Fujifilm Objects to New Proposed Xerox Agreement with Deason, Icahn

Despite a pending agreement between the Xerox Board of Directors with activist investors Carl Icahn and Darwin Deason this week (see In Stunning Reversal, Xerox Yields to Deason and Icahn in Far-Reaching Settlement), which calls for six Xerox board members and its CEO to resign, 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 a statement, Fujifilm described its purchase of Xerox for $6.1 billion, and the subsequent merger of Xerox with Fuji Xerox, as the best available option, and one that would be of huge benefit to shareholders on both sides. It also urged Xerox’s new board members to implement the plan.

Fujifilm also said it will appeal last week’s court’s decision that temporarily blocks the deal. Icahn and Deason have argued that the deal under-values Xerox.

Icahn said in a statement that with new leadership at Xerox “Xerox will be much better positioned to take advantage of multiple potential value-enhancing opportunities, including restructuring its relationship with Fujifilm, our supposed ‘partner’ whose conduct over the last year is more unbelievable than what you see on fictional TV shows like House of Cards or Billions. Thanks to our efforts and the courage and conviction of Darwin Deason, this is once again an exciting time to be a Xerox stakeholder.'”

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