Fujifilm Objects to New Proposed Xerox Agreement with Deason, Icahn

Despite a pending agreement between the Xerox Board of Directors with activist investors Carl Icahn and Darwin Deason this week (see In Stunning Reversal, Xerox Yields to Deason and Icahn in Far-Reaching Settlement), which calls for six Xerox board members and its CEO to resign, 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.

In a statement, Fujifilm described its purchase of Xerox for $6.1 billion, and the subsequent merger of Xerox with Fuji Xerox, as the best available option, and one that would be of huge benefit to shareholders on both sides. It also urged Xerox’s new board members to implement the plan.

Fujifilm also said it will appeal last week’s court’s decision that temporarily blocks the deal. Icahn and Deason have argued that the deal under-values Xerox.

Icahn said in a statement that with new leadership at Xerox “Xerox will be much better positioned to take advantage of multiple potential value-enhancing opportunities, including restructuring its relationship with Fujifilm, our supposed ‘partner’ whose conduct over the last year is more unbelievable than what you see on fictional TV shows like House of Cards or Billions. Thanks to our efforts and the courage and conviction of Darwin Deason, this is once again an exciting time to be a Xerox stakeholder.'”

More Resources

• May 2018: In Stunning Reversal, Xerox Yields to Deason and Icahn in Far-Reaching Settlement
• April 2018: Preliminary Injunction Blocks Proposed Xerox-Fujifilm Deal
•  April 2017: Fujiflm Agrees to Re-Open Talks on Proposed Xerox-Fuji Xerox Deal
• April 2018: Court Papers Show Conflicted Xerox Board
•  April 2018: Xerox, Fujifilm Said to be Renegotiating Proposed Merger; Other Interested Buyer Revealed
• April 2018:  Icahn, Deason, Accuse Fujifilm, Xerox CEO of Deceiving Xerox Board
• April 2018: Deason, Icahn, Urge Xerox Partnership with HP, Apple, Others, Monetization of IP
• April 2018: Deason Alleges Xerox CEO Disregarded Board in Pursuing Fujifilm Deal
• March 2018: Icahn Recruits Former IBM, HP Exec in Continuing Bid to Stop Xerox-Fuji Xerox Merger
• March 2018: Xerox-Fuji Xerox Merger May be Good for Xerox Shareholders – But Is It Good for Fujifilm?
• March 2018: Refuting Icahn, Deason, New Xerox Shareholder Letter Lays Out Benefits of Proposed Merger with Fuji Xerox