Tagged With "Icahn"

this thing is now getting stupid

The plot thickens!

Job well done to make $23 million US dollars. How many lost employees did it take to make that happen? I don;t know how many Xerox copiers were manufactured in 2018. Could it have been 100K? If so John V made $280 on every unit sold. Not a bad gig

“Anytime my imagination comes to life; it reminds me to imagine more.” So, it’s been a busy week in the print equipment and its services industry. I say, hang on because the speed of its disruption is going to increase. Thanks, Carl Icahn, for hopefully wakening the industry’s leaders to disrupt themselves. Throughout history, most industries were disrupted by outsiders. So, this move by Carl Icahn is welcomed by those insiders determined to kick the ass of the channel’s complacency and...

Activist investor Carl Icahn is pushing for the proposed union of Xerox Holdings Corp. and HP Inc., arguing that a combination of the printer makers could yield big profits for investors. Icahn, who owns a 10.6% stake in Norwalk, Conn.-based Xerox XRX, +2.79% , told The Wall Street Journal that he also owns a 4.24% stake in HP HPQ, +3.07% , valued at roughly $1.2 billion. His stake in HP, not previously reported, could increase pressure on the printer and personal-computer company to strike...

Activist investor Carl Icahn has bought a $1.2 billion stake in HP Inc and is pushing for the personal computer maker’s merger with printer maker Xerox , arguing that a union could yield big profits for investors, The Wall Street Journal reported on Wednesday. Icahn, who owns a 10.6% stake in Xerox, now owns a 4.24% stake in HP, the Journal said. An HP spokesperson told Reuters the company is aware of Icahn’s investment and is committed to doing what is in the best interests of all HP...

On Sunday, HP’s board of directors nixed Xerox’s recent offer that lit up the printer copier market with buzz during the last two weeks as the legacy behemoths mulled coming together. HP said it was not tossing out the idea of the two giants merging at some point, but it was saying no to this Xerox offer. “We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox,”...

Seems Xerox dodged another bullet here. (Reuters) - New York State Supreme Court Justice Barry Ostrager of Manhattan is not afraid to stir things up. In April 2018, you may recall, the judge – previously a longtime litigation partner at Simpson Thacher & Bartlett – issued a preliminary injunction to block Xerox from allowing a shareholder vote on a proposed merger with Fuji, holding that the deal was hopelessly tainted by Xerox board members’ conflicts. Justice Ostrager’s decision was...

A Xerox Holdings Corp. shareholder sued Carl Icahn and an investment vehicle he controls, alleging they bought $1.2 billion worth of HP Inc. shares knowing that Xerox was considering acquiring the stock at a premium. The Miami Firefighters Relief and Pension Fund filed the lawsuit in New York state court in Manhattan on Friday, alleging Icahn, Icahn Capital LP and High River Limited Partnership breached their fiduciary duties to Xerox read the rest here

Carl Icahn posted an open letter to HP shareholders Wednesday morning, trying to pressure the board of the computer and printer company to reverse its rejection of the $22-a-share bid for the company from Xerox. The activist investor is a substantial holder in both companies and sits on the Xerox board. In the letter, Icahn attacks HP management’s “unreasonable refusal to engage in a customary mutual due diligence process”. He goes on to position the discussion as a matter of fiduciary...

Xerox and HP possible merger update - Carl Icahn is urging HP Inc. to push ahead with takeover talks with Xerox o arguing the hardware maker’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.” o Claims that a tie-up between the companies could yield more than $2 billion in synergies o “It is absurd for the HP board and management team, with such a history of underperformance and missteps, to claim to have had a sudden epiphany and now expect...

Xerox shareholder Darwin Deason asked courts on Tuesday to block the company’s merger with Japan’s Fujifilm Holdings, claiming board members at the US photocopier maker had failed in their duty to shareholders. Deason and fellow shareholder Carl Icahn have been fighting to stop Fujifilm from taking over Xerox in a $6.1 billion deal, saying the transaction “dramatically” undervalued Xerox and “disproportionately” favored Fuji. Xerox has countered the claims, saying that the merger seemed to...

NEW YORK/TOKYO -- U.S. copier and printer maker Xerox said Sunday that it is terminating a Jan. 31 deal to sell a majority stake to its long-time business partner Fujifilm Holdings, causing a major upset to the Japanese company's plans to strengthen its overseas operations. Xerox said it has reached an agreement with Carl Icahn and Darwin Deason, two activist investors opposed to the Fujifilm deal. Xerox is now overhauling its board by removing six of its 10 board members and appointing five...

TOKYO -- U.S. office equipment maker Xerox scrapped plans to be bought by Japanese partner Fujifilm Holdings amid a steady drumbeat of criticism from shareholder Carl Icahn, in what amounts to a stinging defeat for Fujifilm CEO Shigetaka Komori. Under an agreement with activist investors Icahn and Darwin Deason announced on Sunday, six Xerox board members resigned and were replaced by five new directors more closely aligned with Icahn. The departing board members include CEO Jeff Jacobson, a...

TOKYO -- U.S. office equipment maker Xerox scrapped plans to be bought by Japanese partner Fujifilm Holdings amid a steady drumbeat of criticism from shareholder Carl Icahn, in what amounts to a stinging defeat for Fujifilm CEO Shigetaka Komori. Under an agreement with activist investors Icahn and Darwin Deason announced on Sunday, six Xerox board members resigned and were replaced by five new directors more closely aligned with Icahn. The departing board members include CEO Jeff Jacobson, a...

NEW YORK -- After saying a few months ago that Xerox risked meeting Eastman Kodak's fate, activist investor Carl Icahn is now warning shareholders that a proposed takeover by Japan's Fujifilm could lead to bankruptcy. In a written response to questions from Nikkei on Monday, Xerox's largest individual shareholder said it was "absurd" for Xerox shareholders to accept the current offer to merge the U.S. company into existing joint venture Fuji Xerox. "Based on the ongoing accounting scandal...

Fujifilm sued Xerox on Monday for well over $1 billion plus punitive damages, accusing it of succumbing to pressure from activist investors Carl Icahn and Darwin Deason in abandoning a proposed $6.1 billion merger. Fujifilm accused Xerox of engaging in "intentional and egregious conduct" in calling off the merger, after the photocopier company reached a settlement with Icahn and Deason that handed control to new management, according to the complaint filed with the U.S. District Court in...

Xerox CEO John Visentin’s total compensation for his first year with the company topped $23 million in a mix of base salary, bonus awards, and stock options, the company disclosed in a regulatory filing. The company’s compensation committee is asking shareholders to approve that total pay, as well as a projected $13 million in 2019 compensation in an advisory vote. “During 2018, the Company conducted hundreds of calls and meetings with individual shareholders, and we received virtually no...

My how the plot continues to thicken.

With this latest bit of news, I'm thinking it's more likely this deal will move forward

Xerox to be acquired by HP Inc.? Article published Seeking Alpha magazine Two Xerox directors, Chairman Keith Cozza and Cheryl Krongard announced they are leaving the board of directors “may be an attractive investment for traders looking for a possible takeover target “Xerox is a potential takeover target and HP Inc. might an interesting suitor” Xerox used $888 million to buy back its own shares in 2021, but current stock price is about 8 points lower now than it was the same day last year...

Xerox shareholder lawsuit to proceed The Supreme Court of New York ruled on 1/6/2023 that it has dismissed motions to dismiss lawsuit originally filed in 12/2019 against Xerox Xerox shareholders, led by Stephen J. Reynolds, filed a lawsuit against Carl Icahn, the majority shareholder of Xerox Alleges that Carl Icahn had “unjust enrichment”, breach of fiduciary duty and breach of contract”, after he purchased $1.2 billion shares of HP, and then announced that he would have Xerox buy HP. In...

Xerox’s top shareholder gets “breathing room” Article published in The Wall Street Journal about Carl Icahn and his controlling shares of Xerox In order to get “breathing room from lenders following a short-seller attack”, Carl Icahn and banks finalized amended loan agreements Unties his personal loans from the trading price of his Xerox shares Icahn’s shares have “tumbled 43%” this year New agreements increase Icahn’s collateral and setup a plan for him to fully repay the loans in 3 years...

Xerox buys out Carl Icahn what’s next? - Corporate raider, Carl Icahn, has over time, bought controlling interest in Xerox by spending almost $588 million on stock in the company according to Insider Trades newsletter Xerox announced it will borrow money to pay $542 million to buy all this stock back in a press release All of Carl Icahn’s staff will resign from the Xerox board of directors Icahn acquired the shares and stopped Fujifilm from acquiring Xerox in 2018, and attempted to arrange a...

Xerox trying to sell loan it used to buy out Icahn Bloomberg News is reporting that Xerox is selling a $500 million loan to help fund its repurchase of stock shares formerly held by corporate raider, Carl Icahn (who previously prevented Fujifilm from acquiring Xerox) New debt will replace a $550 million bridge loan Xerox just took on Xerox is offering: Pay down 5% of debt in first 2 years 7.5% in year 3 10% afterward Moody’s Investor Service downgraded Xerox’s unsecured bonds one step to Ba3...

Xerox secured a $550m first lien term loan after buying Carl Icahn's shares. The loan repays previous bridge loans and is supported by guarantees and asset security. Major financial institutions arranged the loan, with terms until November 2029 and variable amortization rates. Xerox's $542m purchase of Icahn's shares was initially financed through a new debt facility. Xerox shares varied from $16.01 in September to a low of $12.10 in late October, recently closing at $13.62. Xerox skipped...