Xerox investors claim Jeff Jacobson's scalp

Brunilde Fioravanti
Mag 2, 2018

Xerox initially defended the deal. But last week a NY state court temporarily blocked it, saying Mr. Jacobson had sought to seal a pact with Fujifilm even though Xerox had told him to stop and said it was seeking to replace him.

According to a statement released by Xerox, the resignations are part of an agreement with investors Icahn and Darwin Deason.

Visentin will be vice chair and replace Jeff Jacobson as CEO, and a bunch of current Xerox board members will depart (Robert Keegan, Charles Prince, Ann Reese, William Curt Hunter, Sara Martinez Tucker and Stephen Rusckowski).

In January, Xerox announced the terms of the deal, which stated that the company, which has a market value of $7.7 billion, would first merge with a joint venture that the company operates with Fujifilm in Asia.

The new board will meet to "discuss strategic alternatives", with the Fujifilm deal back under the microscope, because those alternatives include "terminating or restructuring Xerox's relationship with Fujifilm and the proposed transaction with Fujifilm". As a result, the Xerox Board of Directors determined that an immediate resolution of the pending litigation and proxy contest is in the best interest of our company and all stakeholders.

"This agreement will help ensure that Xerox and its employees will be able to continue to focus on serving customers and building on the company's financial and operational performance". "Thanks to our efforts and the courage and conviction of Darwin Deason, this is once again an exciting time to be a Xerox stakeholder".

In an announcement that came as a victory for activist shareholders including Carl Icahn who objected to Xerox Corp.'s planned takeover by Fujifilm Holdings Corp., Xerox Corp.'s Chief Executive Officer Jeffrey Jacobson and six board members are reportedly resigning.

Although it may have been blindsided by events Fujifilm is considering an appeal against the Supreme Court decision.

Fujifilm now owns 75% of Fuji Xerox, a joint venture launched more than 50 years ago.

According to experts, the surprise settlement potentially puts the $6.1 billion deal struck in January with Fujifilm at risk.

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