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.

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