“We see several paths to victory – but none of them involve selling a 50.1% interest in Xerox in a deal that offers no control premium and leaves shareholders vulnerable to oppression by an overlord that is embroiled in an ever-widening accounting scandal,” said Icahn and Deason.
“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.
“The brazen self-interest of the Xerox Board defies description,” stated Carl Icahn, who blamed the Xerox board for letting the deal expire.
According to Icahn, Visentin had the skills that would help Xerox shareholders understand why the proposed merger with Fuji Xerox was a bad idea, and that a new management team would be better for Xerox.
Because of Xerox’s announcement this week that its CEO and six Xerox board members will be stepping down under its pending Director Appointment, Nomination and Settlement Agreement with Carl Icahn and Darwin Deason, Xerox is not releasing a financial forecast.
The new Xerox board will meet immediately to discuss alternatives to the proposed Xerox-Fuji Xerox merger.
California’s Office of Environmental Health Hazard Assessment cites studies showing that styrene increased the incidence of combined malignant and benign lung tumors.
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.”
Those who can establish a stronger printer foothold should then be able to leverage this into a strong advantage later on.
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.
Xerox first announced its focus on signing up new dealers last year as part of a drive to gain a larger share of the copier/MFP small and mid-size business market by increasing its multi-brand dealer base in the United States by more than 30 percent in 2017.
On Wednesday, Xerox also said that Xerox shareholders should disregard information from Icahn and Deason, stating the two are conducting a “highly disingenuous campaign” that distorts and omits key facts about Xerox and the proposed merger.
Xerox shareholders will vote on the proposed merger of Xerox with Fuji Xerox sometime next month.
Xerox reported today that is managed print services (MPS) customers will now have the opportunity to contribute to the reforestation...