Advertisements The Xerox-Fujifilm saga continues to roll on, with Bloomberg reporting that today in the U.S. District Court in Manhattan, Fujifilm...
Category: Mergers & Acquisitions
Komori said Fujifilm is “not opposed to considering any new proposal from the new Xerox board if it’s beneficial for both firms,” but that the $40 per share sought by Icahn and Deason is “too high.”
Advertisements Print Week reports that, as Fujifilm recently threatened, it’s taken Xerox – which last month scrapped a complicated sale...
“Fujifilm disputes Xerox’s unilateral decision to terminate the transaction,” the company said in its statement.
By refusing to dismiss their claims against Fujifilm, the law firm states that the Xerox shareholder lead plaintiffs aim to secure a more level playing field for all bidders of Xerox and to help ensure that “Fujifilm will not take further actions to disadvantage Xerox’s shareholders for its own benefit.”
Deason, however, didn’t rule out an offer from Fujifilm.
Under the agreement announced yesterday, Carl Icahn consultant and former Hewlett-Packard and IBM executive John Visentin will be the new vice chairman of the Xerox board and new Xerox CEO, and various Xerox board members resigned
“Through all the external noise there is something that remains very constant and clear – our commitment to you. Beyond the headlines is a team of people who ARE Xerox. We are the 35,000 people who come to work every day to create great products and solutions, and to deliver great service to our customers and partners around the world.”
Icahn and Deason claim they have been “approached by pretty much every major financial sponsor, and they have all expressed interest in Xerox.”
In the letter, the board noted that Icahn and Deason have targeted management and the board with “personal, unsubstantiated attacks that we believe have been damaging to Xerox.”
Xerox had asked that its appeal be heard quickly, “concerned that a delay might endanger the proposed deal.”
“Over the next few months, we intend to see that ‘massively conflicted’ Jeff Jacobson and old guard directors like Bob Keegan, Ann Reese and Chuck Prince, who have already done so much damage to the company, and are continuing to do more damage with these actions, are held fully and personally liable for their misconduct.”
The appeal also states that the decision harms Xerox shareholders by preventing them from voting on the proposed Xerox-Fuji Xerox merger that the Xerox board concluded was both “value-maximizing and the only available option.”
A private-equity deal may also be in the works: on May 2nd Reuters reported that buy-out firm Appollo Global is approaching Xerox with possible acquisition in mind. Meanwhile, Fujifilm said it will appeal the court order blocking the deal.