Never mind, Xerox's CEO is staying put for now

05 May, 2018, 03:28 | Author: Brooke Harris
  • Never mind, Xerox's CEO is staying put for now

According to a joint statement released Friday morning by Icahn and Deason, the agreement fell apart when Xerox failed to follow through on the steps they'd agreed to.

The agreement announced on Tuesday would have seen CEO Jeff Jacobson and 6 board members resign.

Icahn and Deason confirmed the settlement pact with Xerox has expired and promised to continue the fight.

We also believe that the Xerox new board of directors has an obligation to comply with the agreements that were unanimously approved on January 30, 2018 and signed by both companies on January 31, 2018.

The Xerox board pushed for this deal even though, Deason has said, it was not in the interest of the company or its shareholders.

Jacobson, Xerox's primary negotiator for the Fuji transaction, had previously been told by Icahn that Icahn wanted Xerox sold in an all-cash transaction and that Icahn would suggest Jacobson's removal from the company if he failed to finalize such a transaction.

The appeal itself also disputed the activist investors allegations and the court's ultimate ruling that Jacobson's actions in negotiating the proposed deal with Fuji was largely driven by an effort to save his job, and that the Xerox board of directors was also compromised in approving the deal partly because several Xerox directors were guaranteed at least five-year positions on what would be a new 12-member Fuji Xerox board. "We will continue our fight to rescue and revitalize Xerox".

Boney, Janhvi & Khushi collect Sridevi's National Award
Sridevi's daughters Janhvi and Khushi (l) during the 65th National Film Awards function at Vigyan Bhavan in New Delhi , May 3. Sridevi passed away on 24 February this year after she accidently drowned in the bath tub of her Dubai hotel room.

The two shareholders say the Xerox board demanded additional "unprecedented" protections from the court and they say over the next few months they intend to see that Jacobson and some of the board members are held personally liable for what the two activist stockholders feel are actions that are damaging the company.

The embattled office equipment company said late Thursday that a settlement it reached earlier this week with unhappy shareholders would not go into effect because a key deadline had been missed. Some valuations have pegged Xerox at more than $40 a share, the person said.

The lapsing of the agreement raises the question of whether a potential merger of Xerox and Fujifilm Holdings will proceed.

Masayuki Otani, chief market analyst at Securities Japan, said Fujifilm's deal with Xerox was "not forward-looking" anyway, and its resources would be better spent focusing on the new areas.

Under the plan that Xerox and Fujifilm announced in January, the U.S. company's operations would be merged with those of Fuji Xerox, a joint venture between the two firms. Tokyo-based Fujifilm would ultimately end up owning 50.1 percent of the combined entity, which would expand the joint venture to encompass all of Xerox's operations.

-With assistance from Bloomberg's Rachel Chang.

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