Xerox Shareholders Approve Holding Company Reorganization
Xerox announced today that shareholders approved its proposal to adopt a merger agreement under which Xerox expects to implement a holding company reorganization.
Holders of approximately 99.7 percent of common shares present and voting at Xerox’s annual meeting, representing approximately 77.0 percent of the company’s total outstanding common shares, voted in favor of the proposal. The final voting results for the annual meeting will be reported in a Form 8-K that Xerox will file with the Securities and Exchange Commission.
The closing of the holding company reorganization remains subject to customary conditions, including approval from the Financial Conduct Authority of the United Kingdom. Xerox is targeting the third quarter of 2019 for the closing of the holding company reorganization.
Following the closing, Xerox expects that the common stock of the holding company will trade on the New York Stock Exchange under Xerox’s current trading symbol, “XRX.” In addition, to eliminate duplicative administrative requirements and costs, Xerox has notified NYSE Chicago that it intends to voluntarily de-list Xerox common stock from trading on NYSE Chicago immediately prior to completion of the holding company reorganization.
Among the benefits of a holding company are that the parent company can’t typically be held liable for judgements against the holding company. Additionally, it’s also said that a holding company may make it easier for parts of it to be sold.
- April 2019: Earnings Up, but Revenue Down for Xerox’s First Quarter
- April 2019: Xerox Merging Some XBS Companies
- March 2019: Xerox Seeking to Become Wholly Owned Subsidiary
- March 2019: HCL Announces Outsourcing Agreement with Xerox
- January 2019: Major Reorganization Underway at Xerox with Updates