No Apparent Interest for Fujifilm Deal at Xerox Shareholders’ Meeting

The Nikkei Asian Review reports that Xerox shareholders “failed to speak up in favor” of being acquired by partner Fujifilm at a general Xerox shareholders’ meeting held on Tuesday, further reducing the likelihood of Fujifilm acquiring Xerox. New Xerox CEO John Visentin has spoken out against an acquisition of Xerox by Fujifilm, but has also stated that any offer for Xerox would be taken to the Xerox Board for consideration.

At the Tuesday Xerox shareholders’ meeting, the only shareholder who mentioned the acquisition “confined his comments to issues like corporate governance and the disappointing performance of Xerox stock.”

Fujifilm is still appealing an injunction that was placed on the now-scrapped deal in April by a U.S. court; it’s also suing Xerox, which scrapped the deal in May, for breach-of-contract.  If the injunction is lifted, Fujifilm could seek legal measures to have Xerox stick to the contract.

Meanwhile, Nasdaq reported that Keith Cozza, newly appointed chairman of the Xerox board, and president and CEO of Icahn Enterprises, purchased $1.5 million of Xerox stock at an average price of $25.42 on Friday. Cozza’s purchase is said to be the first Xerox insider purchase since 2014, and the largest purchase since previous board director Stephen Robert purchased 50,000 shares in 2004.

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