Xerox says ending Fujifilm deal, settles with Icahn, Deason

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

NEW YORK (Reuters) – Xerox Corp (XRX.N) said on Sunday it was ending its planned deal with Fujifilm Holdings Corp (4901.T) and had reached a settlement with investors Carl Icahn and Darwin Deason.

FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo

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

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Leave a Reply