Fujifilm has said that taking control of Xerox “is the only option for the American company to have a future,” and has emphasized that it’s waiting for Xerox to come up with a new offer.
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.”
Print Week reports that, as Fujifilm recently threatened, it’s taken Xerox – which last month scrapped a complicated sale of......
Visentin assures employees that Xerox will continue “to run the business well” and support its thousands of customers.
While the new Xerox board was scheduled to meet this week to discuss alternatives, Icahn’s previously published report, “Rescuing and Revitalizing an American Icon,” may provide some clues about what will happen next if Xerox isn’t sold.
“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.”
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
Robert J. Keegan, Charles Prince, Ann N. Reese, William Curt Hunter, and Stephen H. Rusckowski each resigned from the Xerox Board of Directors.
Amid all the back-and-forth on the proposed Xerox-Fujifilm deal between the Xerox Board of Directors and Carl Icahn and Darwin......
“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.”
“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.”