Xerox’s top executive & board step down in a court proceeding

[prwhite]

According to Bloomberg News, Xerox Reaches Agreement with Carl Icahn and Darwin Deason. The settlement potentially puts the Fujifilm deal at risk, coming after a NY judge temporarily halted the transaction last week. This is a major win for Icahn & Deason.

The new board plans to meet immediately to evaluate alternatives, “including terminating or restructuring Xerox’s relationship with Fujifilm and the proposed transaction with Fujifilm,” according to a company statement.

Synopsis:

• Xerox settles pending proxy fight & litigation,
• No effect on pending Fujifilm claims,
• Keith Cozza of Icahn Enterprises to be named chairman,
• John Visentin to be named Vice Chairman & CEO,
• New board to meet immediately & discuss strategic alternatives.

Read all the details at Bloomberg News.

 

[Dov Isaacs]

And we all remember how Saint Icahn killed TWA by using it as a personal piggybank for his other corporate raiding activities (Texaco, for example). Bills himself as an “activist investor” but is in fact in it all for himself!

 

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Xerox CEO Jacobson & board are staying!

 

[PricelineNegotiator]

Come on guys!