The firm expects the transaction will likely to be completed late in the second quarter, or early in the third quarter, subject to customary closing conditions.
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Carolina Wholesale Group of Charlotte, North Carolina, announced yesterday that it’s partnered with Gilpez Office Products in transitioning their day-to-day...
Xerox had asked that its appeal be heard quickly, “concerned that a delay might endanger the proposed deal.”
“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.
ACCC deputy chair Michael Schaper said: “Consumers were not made aware of the restriction on using non-HP ink cartridges when buying the printer or downloading the firmware update, and were denied the choice to accept or reject it…”
Steve Young, president and CEO of Square 9 Softworks, explained that Square 9 has been working with Panasonic for close to two years, noting, “We’re trying to re-define the notion of (document) capture…and the reach of capture.”
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.
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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.