Fujifilm will review its plan to purchase Xerox for $6.1 billion, but also is said to have expressed serious concerns over the new developments.
Category: Mergers & Acquisitions
The new Xerox board will meet immediately to discuss alternatives to the proposed Xerox-Fuji Xerox merger.
Court papers noted: “The lynchpin of the Court’s decision turns on the conduct of Xerox CEO Jeff Jacobson in the time frame preceding the Board’s approval of a transaction that granted control of an American icon company to Fuji without any cash payment by Fuji to Xerox shareholders, and the Board’s acquiescence in Jacobson’s conduct.”
Xerox’s Keegan was speaking as part of a court hearing involving Xerox shareholder Deason’s lawsuit, which was filed in March 2018, to block Xerox’s deal with Fujifilm and also nominate directors to Xerox’s board.
On April 17th, activist investors Carl Icahn and Darwin Deason, seeking to stop Fujifilm’s acquisition of Xerox for $6.1 billion and the creation of a new combined Xerox-Fuji Xerox, released a detailed presentation, Rescuing and Revitalizing an American Icon, that presents alternatives to the proposed deal.
The battle between Xerox and activist investors Carl Icahn and Darwin Deason has become even more acrimonious, with new amendments to a Deason lawsuit alleging that Xerox CEO Jeff Jacobson pursued a deal with Fujifilm even after Xerox’s board advised him to stop negotiations.
Refuting Icahn, Deason, New Xerox Shareholder Letter Lays Out Benefits of Proposed Merger with Fuji Xerox
Specifically, the revenue and cost synergies identified through this combination include developing a more complete and competitive product portfolio, with enhanced offerings in areas where Xerox is currently underpenetrated such as high-speed inkjet and low-end A3;
Fuji Xerox is Xerox and Fujifilm’s five-decade-old joint copier/MFP venture that focuses on the Asia-Pacific region, which Icahn and Deason argue has a previously undisclosed “crown jewel” lock-up right that gives Fujifilm control over Xerox’s intellectual property and manufacturing rights in the Asia-Pacific market if Xerox sells a 30-percent stake to another suitor, according to Deason’s lawsuit.
Advertisements This week, the Xerox-Fuji Xerox merger saga continued with a back-and-forth campaign designed to sway Xerox shareholders to either...
The two investors published a fifth letter to Xerox shareholders, again seeking to urge them to reject the proposed Fuji Xerox deal.
Icahn and Deason determined to prevent sale of Xerox.
Fujifilm’s take on the proposed merger.
Xerox valiantly attempts to defend its moves against outspoken outsiders.
Deason says proposed Xerox-Fuji Xerox merger must be “stopped dead in its tracks.”
Combined Xerox and Fuji Xerox Will Create One of World’s Largest Copier Companies, Says Fujifilm CEO
Advertisements In an interview with the Nikkei Asian Review last week, Fujifilm CEO and Chairman Shigetaka Komori said the Xerox acquisition...
Advertisements Last week’s repeal of Net Neutrality by the U.S. Federal Communications Commission (FCC) holds the potential to completely reshape...