You are here
Jilted Fujifilm seeking $1 billion in damages from failed merger News 

Jilted Fujifilm seeking $1 billion in damages from failed merger

CNN Money reports Japan’s Fujifilm Holdings Corp. is seeking more than $1 billion in damages from Xerox in district court in New York, over the failed Fuji Xerox merger. The amount is significantly higher than the $183 million termination fee built in to the deal. Fujifilm filed the following notice: Notice of Filing a Suit for Damages against Xerox Corporation FUJIFILM... Read More
Not so fast: Fujifilm looking to sue Xerox for deal cancellation News 

Not so fast: Fujifilm looking to sue Xerox for deal cancellation

At an earnings briefing last week, Fujifilm Holdings Corp. Chief Operating Officer Kenji Sukeno said the spurned company will seek legal remedies after Xerox Corp. pulled out of the proposed merger with Fujifilm subsidiary, Fuji Xerox. Reuters reports Sukeno said Xerox has no legal right to unilaterally terminate the deal and that the deal is in the best interests of Xerox shareholders.... Read More
Xerox announces John Visentin as new CEO People on the Move Press releases 

Xerox announces John Visentin as new CEO

John Visentin appointed Vice Chairman and Chief Executive Officer Annual Meeting of Shareholders to be held on July 31, 2018 MAY 16, 2018 — CORPORATE – NORWALK, Conn. —  Xerox (NYSE: XRX) today announced that its Board of Directors has appointed John Visentin as chief executive officer. Visentin was also elected vice chairman of the Board of Directors. Keith Cozza was... Read More
Reversal of fortune: Xerox scuttles Fuji Xerox merger, acquiesces to activists News Press releases 

Reversal of fortune: Xerox scuttles Fuji Xerox merger, acquiesces to activists

The board of Xerox Corp. announced yet another change in direction, this time embracing change proposed by dissident investors Carl Icahn and Darwin Deason. The company has terminated its proposed combination with Fuji Xerox, and replaced half of its board. CEO Jeff Jacobson resigned (again), after rejoining the company last week.  The new board will now investigate measures to “maximize... Read More
Xerox launches Iridesse four-color production press with specialty inks News 

Xerox launches Iridesse four-color production press with specialty inks

Meet the all-new Xerox Iridesse Production Press — a six station press that combines four-color printing with two specialty dry inks in a single printing pass. NORWALK, Conn.–(BUSINESS WIRE)–The company that invented the copier, laser printing and print-on-demand is announcing another first in the world of print – a high speed, six station color press that combines four-color printing with... Read More
Xerox makes case to shareholders News Press releases 

Xerox makes case to shareholders

The Xerox board released a statement explaining its viewpoint in the recent back-and-forth with dissident shareholders seeking to scuttle the company’s proposed merger with Fuji Xerox.  NORWALK, Conn.–(BUSINESS WIRE)--Xerox (NYSE: XRX) today issued the following letter from its Board of Directors to its shareholders. To Our Fellow Shareholders, As your representatives on the Xerox Board of Directors, we have consistently... Read More
Never mind: Xerox board, management reverts back after settlement agreement expires News Press releases 

Never mind: Xerox board, management reverts back after settlement agreement expires

Less than two-days after notifying the press about Xerox’s best interest being served with a new CEO, chairman and board members, the board of Xerox Corp did an about-face Thursday night. The company said its current board members, chairman, and CEO, Jeff Jacobson, would remain after a legal settlement with activist shareholders Carl Icahn and Darwin Deason lapsed. The May 2 announcement,  which named a... Read More
Xerox reports first-quarter 2018 results Earnings reports Press releases 

Xerox reports first-quarter 2018 results

  \ First Quarter 2018 Highlights Strong start to operating cash flow, at $216 million in the quarter Continued revenue growth in managed document services and Global Imaging Systems operations Adjusted operating margin of 10.4 percent, down 0.6 points year-over-year; operating margin, excluding equity income, up 0.5 points Core operating profit, excluding equity income, grew 5 percent year-over-year NORWALK, Conn.–(BUSINESS... Read More
Xerox reaches agreement with Carl Icahn and Darwin Deason, Xerox CEO resigns News Press releases 

Xerox reaches agreement with Carl Icahn and Darwin Deason, Xerox CEO resigns

Editor’s note: Unmentioned in the release below is the announcement Xerox CEO Jeff Jacobson resigned. According to CNBC, Jacobson and six other current Xerox board members, including Chairman Robert Keegan, are stepping down. The move also puts into doubt the proposed combination of Fuji Xerox and Xerox, which activist investors Carl Icahn and Darwin Deason oppose. As stated below, the “Board... Read More
Activist shareholder alleges Xerox CEO sought unauthorized Fujifilm merger News 

Activist shareholder alleges Xerox CEO sought unauthorized Fujifilm merger

Activist shareholder Darwin Deason has filed a lawsuit alleging Xerox CEO Jeff Jacobson disregarded board directives to pursue the merger of Xerox with Fuji Xerox, according to Reuters. In January, Fujifilm Holdings and Xerox inked a $6.1 billion deal to combine the U.S. company into their existing joint venture, Fuji Xerox, but the announcement met with resistance from Deason and Carl... Read More
Xerox reinforces significant benefits of its proposed combination with Fuji Xerox News Press releases 

Xerox reinforces significant benefits of its proposed combination with Fuji Xerox

MAR 07, 2018 — CORPORATE NORWALK, Conn. —  The Board of Directors (the “Board”) of Xerox (NYSE: XRX) today issued the following letter to Xerox shareholders, reinforcing its belief in the significant benefits of the Company’s proposed combination with Fuji Xerox: *** Dear Xerox Shareholders, On January 31, 2018, Xerox announced its plans to combine with Fuji Xerox – the joint... Read More
Deason, Icahn at odds with Fuji Xerox merger News 

Deason, Icahn at odds with Fuji Xerox merger

Investors Carl Icahn and Darwin Deason are opposing the proposed merger of Fuji Xerox and Xerox, detailing in an open letter – reprinted below – their points. Also, Deason filed a lawsuit on February 13 seeking to enjoin the transaction, terminate the Xerox/Fuji joint venture lock-up and joint venture agreements and pursue strategic alternatives for Xerox. Defendants in the suit included... Read More
Opinion: Xerox acquisition positions Fuji Xerox for not just survival, but growth Opinion 

Opinion: Xerox acquisition positions Fuji Xerox for not just survival, but growth

The merger announcement between Xerox and Fuji Xerox last week started the next chapter of the nearly six decades-long joint venture between U.S.-based Xerox and Japan’s Fujifilm. The merger had been long expected, and had been accelerated with the insistence of shareholder activists Carl Icahn and Darwin Deason. The combination is expected to improve the profitability and competitiveness of Fuji... Read More
FUJIFILM Holdings and Xerox Announce Agreement to Combine Fuji Xerox Joint Venture with Xerox News Press releases 

FUJIFILM Holdings and Xerox Announce Agreement to Combine Fuji Xerox Joint Venture with Xerox

Creates a Global Leader in Innovative Print Technologies and Intelligent Work Solutions NORWALK, Conn. and TOKYO — Xerox shareholders to receive a $2.5 billion special cash dividend, or approximately $9.80 per share, and 49.9% of the combined company; Fujifilm to own 50.1% Combined company to deliver at least $1.7 billion in total cost savings, with $1.2 billion to be achieved... Read More
Xerox reports strong fourth-quarter 2017 results; delivers on full-year commitments Earnings reports Press releases 

Xerox reports strong fourth-quarter 2017 results; delivers on full-year commitments

Total revenue of $2.7 billion, up 0.5 percent or down 2.0 percent in constant currency year-over-year Equipment sale revenue up 4.3 percent or 1.5 percent in constant currency year-over- year Adjusted operating margin of 14.4 percent, up 0.2 points year-over-year Operating cash flow, both GAAP and adjusted, at high-end of guidance ranges Second-year savings from Strategic Transformation program above target... Read More
Skip to toolbar