Judge Blocks ‘Quick’ Appeal from Xerox
The Rochester Democrat & Chronicle reported that yesterday a New York State judge denied a request by Xerox for a quick hearing on its appeal to lift an injunction blocking a sale to FujifIlm and the merger of Xerox with Fuji Xerox, Xerox’s decades-old joint venture with Fuji Xerox.
Last week, Xerox had appealed a court decision that temporarily blocks the deal. The injunction temporarily blocking the deal was in response to a lawsuit by Xerox investor Darwin Deason.
Xerox had asked that its appeal be heard quickly, “concerned that a delay might endanger the proposed deal.” According to the Rochester Democrat & Chronicle, the judge denied the request, instead setting a date in September for a full appeal to be heard.
Yesterday, Carl Icahn and Deason, who together hold about 15 percent of Xerox shares, released a public letter to Xerox shareholders stating that, among other things, they were open to the sale of Xerox at $40 per share. The proposed Fujifilm deal calls for Xerox shareholders to receive $28 per share. See “Deason, Icahn Post $150 Million Bond to Keep Temporary Injunction Against Fujifilm Deal.”
Icahn and Deason also posted a $150 million bond in order to keep a stay on the proposed Fujifilm deal.
- May 2018: Deason, Icahn Post $150 Million Bond to Keep Temporary Injunction Against Fujifilm Deal
- May 2018: Ichan, Deason Pen Letter to Xerox Shareholders Urging End to Fujifilm Deal
- May 2018: Xerox Appeals Court Decision that Blocks Xerox-Fuji Xerox Merger
- May 2018: Stunning U-Turn: Xerox Settlement OFF; Current Xerox Board, CEO Remain in Place
- May 2018: In Stunning Reversal, Xerox Yields to Deason and Icahn in Far-Reaching Settlement
- April 2018: Preliminary Injunction Blocks Proposed Xerox-Fujifilm Deal
- April 2017: Fujiflm Agrees to Re-Open Talks on Proposed Xerox-Fuji Xerox Deal
- April 2018: Court Papers Show Conflicted Xerox Board
- April 2018: Xerox, Fujifilm Said to be Renegotiating Proposed Merger; Other Interested Buyer Revealed
- April 2018: Icahn, Deason, Accuse Fujifilm, Xerox CEO of Deceiving Xerox Board
- April 2018: Deason, Icahn, Urge Xerox Partnership with HP, Apple, Others, Monetization of IP
- April 2018: Deason Alleges Xerox CEO Disregarded Board in Pursuing Fujifilm Deal
- January 2018: Xerox and Fujifilm Announce Agreement for Xerox to Merge with Fuji Xerox