Xerox said the settlement agreement with Icahn and Deason resolved a pending proxy contest in connection with the company’s 2018 annual meeting of shareholders. The company also appointed five new board members.
Xerox said earlier this month it was seeking better terms for a proposed merger with Fujifilm. The deal had prompted the proxy fight from Icahn and Deason, who own 15 percent of Xerox and said the Fujifilm deal undervalued Xerox.
Xerox now appeared likely to go up for sale in an auction. Xerox said in a statement its new board would meet immediately and “begin a process to evaluate all strategic alternatives to maximize shareholder value.”
Xerox said it was ending the deal with Fuji Xerox partly because Fujifilm had failed to provide audited financial information for Fuji Xerox by an April 15 deadline. Xerox also said there were “material deviations” between audited Fuji Xerox financial statements and unaudited statements provided previously.
Reporting by Alwyn Scott; Editing by Peter Cooney