Icahn, Deason Say Fuji's Xerox Takeover Undervalues Company [Bloomberg Business News]
Xerox Holdings Corporation (XRX)
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Source: Bloomberg Business News
By Scott Deveau Carl Icahn and Darwin Deason have come out against Xerox Corp. ’s plans to cede control to Fujifilm Holding Corp. , arguing the deal “dramatically undervalues” the company. “To put it simply, the current board of directors has overseen the systematic destruction of Xerox, and, unless we do something, this latest Fuji scheme will be the company’s final death knell,” the two Xerox investors said in a letter to shareholders Monday. Icahn is Xerox’s second-largest holder with about 9.2 percent of the company’s stock, according to data compiled by Bloomberg. Deason holds about 3.4 percent, the data show. Xerox, the once-iconic American innovator that became synonymous with office copy machines, agreed last month to cede control to Japan’s Fujifilm. Under terms of the deal, Xerox would first merge with a joint venture the company operates with Fujifilm in Asia. Fujifilm would ultimately end up owning
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