Xerox shares down after board cans $6.1bn Fujifilm deal

14 May, 2018, 18:15 | Author: Billie Castillo
  • The logo of Xerox company is seen on a building in Minsk Belarus

Xerox said on Sunday that it was calling off its merger deal with Fujifilm of Japan, after reaching a settlement with the shareholder activist Carl Icahn and another major investor who sharply opposed the deal.

The original deal sought to merge Xerox with a joint-venture Fujifilm operated entity, providing Fuji with majority control.

Jeff Jacobson resigned from his role as Chief Executive Officer and as a member of the Board of Directors of Xerox. John Visentin is expected to take over as CEO while Keith Cozza, the CEO of Icahn Enterprises, will become chairman.

It also said Fujifilm had missed a deadline to provide Fuji Xerox's audited financial statements and that it had found "deviations" in those financials from unaudited versions provided earlier.

Xerox notes that within a few weeks asked Fujifilm the immediate commencement of negotiations on the improvement of the conditions of the transaction.

But Xerox said the agreement will not affect the claims filed by Deason or other Xerox shareholders against Fujifilm.

"The transaction can not reasonably be expected to be completed under these circumstances, particularly given. the lack of shareholder support for the transaction on current terms, as well as the unresolved accounting issues at Fuji Xerox", the board said.

From Shiva-Parvati poster to 10000 guests, Lalu's son's wedding gets attention
Lalu's eldest son is getting married to daughter of former RJD minister and MLA Chandrika Rai at Patna . On April 18, Tej Pratap got engaged to Aishwarya at a posh hotel in Patna .

On May 1, Xerox made a decision to settle its dispute with the major shareholders over the acquisition bid by Fujifilm.

"We do not believe that Xerox has a legal right to terminate our agreement", Fujifilm said in a statement.

Icahn and Deason have said they believe other investors are "waiting in the wings" for Xerox, while people familiar with the matter have previously said that buyout firm Apollo GlobalManagement LLC has expressed interest in a bid for Xerox. Robert Keegan, Charles Prince, Ann Reese, William Hunter and Stephen Rusckowski have resigned from the board. We have often said that the most important person at a company (by far) is the CEO.

"The board also considered the potential instability and business disruption during a proxy contest".

"We are reviewing all of our available options, including bringing a legal action seeking damages", Fujifilm added.

In the wake of the announcement of Xerox's takeover in January, Fujifilm announced a cost savings plan envisaging thousands of job cuts at Fuji Xerox. John Visentin is expected to take the helm. "With that behind us and new shareholder-focused leadership in place, today marks a new beginning for Xerox". He had also been a candidate under consideration by the old board to replace Jacobson as recently as past year, according to court documents.

Recommended:

  • Senior Hamas delegation visits Egypt ahead of anti-Israel protest in Gaza

    Senior Hamas delegation visits Egypt ahead of anti-Israel protest in Gaza

    It's a very bipartisan crowd and "not just a bunch of Republicans", the administration official confirmed. Truman recognized Israel, which is the reason the embassy transfer was scheduled for that date.
    Who is 'Dr. M,' Malaysia's new -- and old -- Prime Minister?

    Who is 'Dr. M,' Malaysia's new -- and old -- Prime Minister?

    Mr Mahathir's deputy in the new government is Wan Azizah Wan Ismail, Anwar's wife and the leader of his People's Justice Party. Without it, he would be banned from political life for five years. "He should be released immediately when he is pardoned ".

    SpaceX delays launch debut of upgraded Falcon rocket

    The backup launch window opens today at 4:14 pm EDT and just as on Thursday, that window will remain open for roughly two hours. The first crewed flights of the Block 5-Dragon system could come as early as this year, SpaceX representatives have said.
  • Massive 'Lost' Asteroid Zooming Past Earth On May 15 Poses No Risk

    Massive 'Lost' Asteroid Zooming Past Earth On May 15 Poses No Risk

    It is bigger than the Chelyabinsk meteor , which broke up entering the Earth's atmosphere five years ago in 2013. Space rock moves through space at a speed of 28,655 miles per hour (46,116 km/h).
    Spanish Grand Prix Qualifying: Hamilton on POLE in Mercedes front row

    Spanish Grand Prix Qualifying: Hamilton on POLE in Mercedes front row

    Max Verstappen won the intra-team battle at Red Bull, finishing ahead of Daniel Ricciardo by just 0.003s. Verstappen also went off the track, as did Raikkonen shortly before enduring the mechanical problem.
    Deepika Padukone, Kangana Ranaut dazzle on Cannes red carpet

    Deepika Padukone, Kangana Ranaut dazzle on Cannes red carpet

    Not just that Deepika kept teasing everyone all day along posting images in different looks, before her gorgeous final look. She is representing Grey Goose, which is celebrating cinematic excellence through its global platform Vive Le Cinema.
  • Girl, 5, dragged away by bear outside her home

    Girl, 5, dragged away by bear outside her home

    The child, whose name was not released, was in a fair condition early Monday at a local hospital, NBC affiliate KKCO said. Traps have been set up around Grand Junction, Colorado in order top capture the bear which attack the five-year-old girl.
    Ireland off to flying start as inaugural Test begins

    Ireland off to flying start as inaugural Test begins

    Duly reprieved, he went to fifty in just 52 balls, including seven fours, with Shadab following him to the landmark in 89 balls. Babar Azam (14), pushing hard at a Murtagh delivery that left him off the pitch, was well-held by Paul Stirling at second slip.
    Nawaz Sharif: Pakistan sent terrorists to India to execute 26/11 attacks

    Nawaz Sharif: Pakistan sent terrorists to India to execute 26/11 attacks

    Nawaz also said, 'Why did not we complete the hearing?', as Pakistan has always denied his role in the 2008 Mumbai attacks. The ensuing encounter lasted five days and claimed the lives of seven security personnel.
  • Public office in Afghanistan comes under armed attack

    Public office in Afghanistan comes under armed attack

    He said at least four attackers, armed with rocket-propelled grenades and machine guns, still appeared to be fighting police. Mr Qaderi's account of the attack also varied from Khugyani's.
    Legendary NFL coach Chuck Knox passes away at age 86

    Legendary NFL coach Chuck Knox passes away at age 86

    He was a high school assistant at Tyrone and then head coach at Ellwood City before moving on to Wake Forest and Kentucky . He led the Seattle Seahawks for nine years and took the Los Angeles Rams to three straight NFC championship games.
    Nawaz Sharif's remarks prove our stand: Nirmala Sitharaman

    Nawaz Sharif's remarks prove our stand: Nirmala Sitharaman

    On Saturday, former Pakistan PM had admitted that homegrown terrorist outfits were responsible for the 2008 attacks in Mumbai . The Jamaat-ud-Dawah (JuD) was believed to have plotted the 26/11 attacks.


Popular

Low pressure in the Gulf brings tropical moisture to Central Florida
Hurricane season starts June 1 and ends November 30, but hurricane forecasters always add the caveat that storms can form anytime. The chance for this system developing into our next tropical system is 30% over the next 2 days and 40% over the next 5 days.

Steven Gerrard explains Anfield exit after accepting Rangers role
The Ibrox club saw their faint hopes of winning the SPL dashed after a humiliating 5-0 defeat to rivals Celtic last month. But for now, the 37-year-old will continue to work with Liverpool's academy until the summer.

Iraq election thrown open as outsider alliances appear strong
Whoever wins the most seats still must negotiate a coalition government, which must be formed within 90 days of the election. After 10 provinces were read out, Sadr's list had the highest popular vote.

Manchester City complete record-breaking Premier League season
The victory helped move the 2017/18 champions to the magical 100 point mark for the campaign. They also broke the league record for the most wins in a single season - 31.

Kilauea lava affects many Hawaii residents
Meantime, if rock and other sediment have fallen inward, blocking the steam that's being created, intense pressure builds up. Since last week , lava has been siphoning away for the volcano's summit, breaking through the ground in the 15 fissures.

Cristiano Ronaldo issues injury update ahead of Liverpool clash
However, scan has revealed he only suffered a sprain and doctors have said the 33-year-old has no danger of missing out in the epic battle.

Student shot in arm at California school, teen suspect held
Initial reports of a possible school mass shooting drew immediate attention from major news outlets and cable TV networks. Authorities in Southern California say their response to reports of shots fired at a Palmdale high school worked.

Tension as United States fighter jets intercept Russian bombers
Two US fighter jets intercept yesterday two Russian bombers flying in an global airspace, off the coast of Alaska. And in August NATO jets were scrambled to intercept Russian jets flying over Europe, buzzing Estonian territory.

Secretary Of State Pompeo Meets With South Korean Counterpart
Kim Dong Chul had been jailed since 2015, while the two others were arrested separately in North Korea just over a year ago. Cory Gardner, who discussed preparations for the summit with Trump at the White House on Wednesday.

How To Turn On "Remind Me To Take A Break" On YouTube?
On the pop-up, you'll have options for dismissing it or diving into your settings to adjust the frequency the reminders come up. After the update is downloaded, YouTube users can go into the app's settings , and then the " General " menu selection.