{"id":58720,"date":"2018-02-13T06:23:55","date_gmt":"2018-02-13T06:23:55","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=58720"},"modified":"2018-02-13T06:23:55","modified_gmt":"2018-02-13T06:23:55","slug":"icahn-deason-urge-xerox-shareholders-to-oppose-fujifilm-deal","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/icahn-deason-urge-xerox-shareholders-to-oppose-fujifilm-deal.html","title":{"rendered":"Icahn, Deason urge Xerox shareholders to oppose Fujifilm deal"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Icahn, Deason urge Xerox shareholders to oppose Fujifilm deal<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Xerox Corp\u2019s plan to sell itself to Japan\u2019s Fujifilm Holdings has come under further pressure with Carl Icahn and Darwin Deason urging fellow shareholders to oppose the $6.1 billion deal.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The activist shareholders, who own a combined 15 percent of the U.S. printer and copier maker, said the agreement dramatically undervalued Xerox and criticized the deal structure, which calls for the U.S. firm to be combined into the Fuji Xerox joint venture, as \u201ctortured (and) convoluted\u201d.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">&#8220;We urge you \u2013 our fellow shareholders \u2013 do not let Fuji steal this company from us,&#8221; Icahn and Deason said in an open letter.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">They added there was still great opportunity for Xerox to create \u201cenormous value for shareholders, and it does not involve selling control to Fuji without a premium\u201d.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Seeking a firmer footing amid waning demand for office printing, the two firms agreed to a deal under which their existing joint venture Fuji Xerox will buy back Fujifilm\u2019s stake in it for about 75 percent for around $6.1 billion.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Fujifilm will then use those proceeds to purchase 50.1 percent of new Xerox shares.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Xerox said in a statement that it had considered several other options in detail and concluded that the combination with Fuji Xerox is the \u201cbest path to create value\u201d for the company.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Fujifilm said in a separate statement that the planned deal \u201crepresents compelling strategic and financial value for Xerox shareholders.\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">\u201cThe combined company will create a strong business foundation under a globally unified management strategy and provide new value by leveraging Fujifilm\u2019s technological resources,\u201d the Japanese company said.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Shares of Xerox climbed 1.1 percent on Monday. Fujifilm\u2019s stock dropped 2 percent in early Tuesday trade.<\/span><\/p>\n<p><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt\">Source:-\u00a0https:\/\/www.reuters.com\/article\/us-xeroxcorp-m-a-fujifilm\/icahn-deason-urge-xerox-shareholders-to-oppose-fujifilm-deal-idUSKBN1FW1KV<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/icahn-deason-urge-xerox-shareholders-to-oppose-fujifilm-deal.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Icahn, Deason urge Xerox shareholders to oppose Fujifilm deal Xerox Corp\u2019s plan to sell itself to Japan\u2019s Fujifilm Holdings has come under further pressure with Carl Icahn and Darwin Deason urging fellow shareholders to oppose the $6.1 billion deal. The activist shareholders, who own a combined 15 percent of the [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":58722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[117626,117627,119886,117628],"class_list":["post-58720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-news-today","tag-business-news-today-usa","tag-icahn-deason-urge-xerox-shareholders-to-oppose-fujifilm-deal","tag-local-business-news"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/58720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=58720"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/58720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/58722"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=58720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=58720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=58720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}