Tagged With "Icahn and Deason"
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Re: Carl Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says
this thing is now getting stupid
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Re: Xerox explores sale of leasing finance unit: sources
Do you think Icahn and Deason are in it for the long-term? Or is this a corporate takeover to temporarily raise the stock price and cash out on their investment?
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Re: Xerox CEO John Visentin Awarded $23M Total Pay In First Year
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
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New York Supreme Court enjoins Xerox acquisition
Introduction On 27 April 2018 Judge Ostrager of the Commercial Division of the New York Supreme Court (New York's trial level court) enjoined Fujifilm Holdings Corp's proposed acquisition of a controlling interest in Xerox Corp, which was to be effected in three steps: first through the redemption of Fuji's interest in a joint venture between Fuji and Xerox; then through the issuance of new common shares of Xerox to Fuji; and finally through the payment of a special dividend to the Xerox...
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Fujifilm wins appeal in battle with Xerox over aborted merger
TOKYO (Reuters) - Japan’s Fujifilm Holdings Corp has won an appeal in its legal battles with Xerox Corp, with a New York court overturning preliminary injunctions requested by an activist investor that had blocked their planned merger. Xerox in May scrapped a $6.1 billion deal with Fujifilm in a settlement with investors Carl Icahn and Darwin Deason that also handed control of the U.S. photocopier giant to new management. The ruling by the New York State Appellate Court could give the...
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Fujifilm now suing Xerox for over $1 billion
In the ongoing “melodrama” between industry giants Fujifilm and Xerox, Fujifilm Holdings Corporation is suing Xerox Corporation for breach of contract and estimated damages of more than $1 billion after Xerox walked away from a planned merger earlier this year. Though Xerox appeared to reach an agreement with its dissident investors Carl Icahn and Darwin Deason last month to end the deal it had in place with Fujifilm, apparently it’s still fighting with Fujifilm over the merger the pair...
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Xerox explores sale of leasing finance unit: sources
(Reuters) - Xerox Corp is considering the sale of a leasing unit that lends money to customers to rent printers and equipment, to make itself more attractive to potential acquirers following the termination of its $6.1 billion sale to Fujifilm Holdings Corp, people familiar with the matter said on Friday. Divesting the leasing unit would relieve Xerox of roughly $3.6 billion in debt, one of the sources said. Activist investors Carl Icahn and Darwin Deason, who took control of Xerox earlier...
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New York judge rejects Fujifilm bid to dissolve Xerox deal injunction
NEW YORK – Fujifilm Holdings Corp. failed to persuade a Manhattan state judge to dissolve an order barring its planned merger with Xerox Corp., cutting off a possible option for keeping the deal alive. The company has claimed in a separate lawsuit it will suffer $1 billion in damages if it can’t cement the $6.1 billion takeover, which was thwarted by activist investors Carl Icahn and Darwin Deason. Deason sued Xerox in February in Manhattan state court to block the acquisition, accusing its...
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Xerox says to lower dependency on Fujifilm, seek new vendors
( Reuters) - Xerox Corp said on Monday it would start sourcing products from new vendors to lower its dependency on Fujifilm Holdings Corp and may not renew its technology agreement with the 56-year-old joint venture Fuji Xerox. Fujifilm sued Xerox last week for well over $1 billion, faulting the printer and copier company for succumbing to pressure from activist investors Carl Icahn and Darwin Deason in calling off a proposed merger agreed in January. In a letter to Fujifilm Chief Executive...
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5 Ways Xerox CEO John Visentin Plans To Boost Sales
It's A New Day At Xerox New Xerox CEO John Visentin took the first 15 minutes of the company's second-quarter earnings call to catalog some of the firm's strengths, weaknesses, and how he plans to increase revenue and modernize processes at the aging technology powerhouse. Visentin was named CEO on May 13 following a high-profile legal battle between activist investors Carl Icahn and Darwin Deason and entrenched board members over the companies proposed sale to Fujifilm. Following a legal...
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Xerox cuts 900 jobs in Q3, tightens severance
Xerox cut 900 people from its global workforce in the third quarter as part of an ongoing restructuring, while reporting it has reduced the severance it pays employees who are losing their jobs, particularly in the United States. In the first full quarter that new CEO John Visentin has led Xerox, after a proxy battle that shifted leadership of the company to activist investors Carl Icahn and Darwin Deason, the Norwalk-based printing equipment maker reported net income of $89 million in the...
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It’s back on: Fujifilm’s $6.1 billion bid for Xerox revived after court ruling
Fujifilm Holdings has won a legal challenge against a New York court decision that blocked its proposed $6.1 billion takeover bid for iconic US printer and photocopier manufacturer Xerox Corporation. The New York State Appellate Court has dissolved a preliminary injunction issued by the New York State Supreme Court in April 2018 that stopped the deal that would merge Xerox into joint venture Fuji Xerox - which Fujifilm would then control with a 50.1 percent stake. Fujifilm welcomed the news...
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Weekend Industry Notes from 10/04/09
Weekend MFP Industry Notes Newsletter10-4-09Xerox announced that its desktop DocuMate scanners (which are actually made by JFL Peripheral Solutions/Visioneer), now have a driver to work with Linux operating systems based computer. The driver is called...
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Weekend Industry Notes from 10/11/09
Weekend MFP Industry Notes Newsletter10-11-09- One solutions vendor buys another. Visionet Systems, a business process outsourcing firm in Cranbury, NJ, announced it has acquired eDoc Synergy of Chesterfield, MO. eDoc was founded by Affan Waheed, a...
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Weekend Industry News from 12/06/09
Weekend MFP Industry Notes Newsletter 12-6-09 - The Business Equipment Research & Testing Laboratories (BERTL) announced it has given its highest award, 5 Stars, to the new integrated eCopy solution offered by Konica Minolta, where the solution can be accessed right from the color LCD control panel of the bizhub MFP. - Mail Boxes Etc. aka The UPS Stores, gave out its annual outstanding Sales Support Award to Konica Minolta, for the second time in last 3 years. - The Federal Bureau of...
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XEROX/HP There's a Lesson Here, Let's thank Carl
“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...
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Xerox-HP merger is ‘a no-brainer,’ says Carl Icahn
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...
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Carl Icahn takes stake in HP, pushes for merger with Xerox
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...
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The ‘strictly confidential’ Xerox offer HP Inc rejected
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,”...
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‘No tangible benefits’: N.Y. judge rejects Xerox shareholder class action deal
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...
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Xerox exits Fujifilm venture with $2.3 billion stake sale to Japan partner
TOKYO (Reuters) - Xerox Holdings Corp ( XRX.N ) will sell its 25% stake in Fuji Xerox, its joint venture with Fujifilm Holdings ( 4901.T ), for $2.3 billion, after investor activism scuppered a deal involving the two companies. Xerox, struggling with falling demand for office printing equipment, had agreed to a complex $6 billion deal that would have merged the U.S. brand into Fuji Xerox and given Fujifilm control. But Xerox scrapped the deal last year after lobbying by two of its main...
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Carl Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says
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
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Carl Icahn says the HP-Xerox merger is a 'no-brainer'
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...
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Xerox and HP Update
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...
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Japan's Ricoh to book $1.72bn impairment loss as North American business slumps
Japan's Ricoh to book $1.72bn impairment loss as North American business slumps TOKYO (Reuters) -- Japanese office equipment maker Ricoh Co Ltd on Friday said it would book an impairment loss of 180 billion yen ($1.72 billion), citing a slump in North American business as users shift from print to digital. As a result, the firm cut its earnings estimates for the fiscal year ending this month, saying it now expected to book an operating loss of 160 billion yen, a significant cut from its...
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Carl Icahn makes push to remove Xerox CEO
FILE - This Tuesday, May 24, 2016, file photo shows Xerox copiers at a store in North Andover, Mass. Billionaire investor Carl Icahn is calling for the removal of Xerox CEO Jeffrey Jacobson as the copier company reportedly seeks a deal with camera company Fujifilm. (AP Photo/Elise Amendola, File) (Associated Press) FILE - This Tuesday, May 24, 2016, file photo shows Xerox copiers at a store in North Andover, Mass. Billionaire investor Carl Icahn is calling for the removal of Xerox CEO...
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Icahn ally sues to block Fuji-Xerox merger
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...
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Xerox shareholders Icahn, Deason urge company to sell itself to rivals
(Reuters) - Xerox Corp shareholders Carl Icahn and Darwin Deason said on Tuesday the U.S. company should seek to sell itself to one of its rivals or a private equity firm. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo Sponsored Xerox could combine with a competitor that is actually willing to pay a significant premium, or Japan's Fujifilm Holdings...
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Xerox backs out of $6.1bn sale in blow to Fujifilm
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...
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Stubborn Fujifilm loses out to Icahn in battle for Xerox
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...
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Stubborn Fujifilm loses out to Icahn in battle for Xerox
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...
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Xerox names John Visentin as CEO after scrapping Fujifilm deal
(Reuters) - Xerox Corp (NYSE: XRX ) has appointed John Visentin as chief executive officer and set July 31 for its annual shareholders meeting, the U.S. photocopier maker said on Wednesday. Visentin was also elected vice chairman of the board with Keith Cozza elected as chairman, Xerox said in a statement. Visentin replaces CEO Jeff Jacobson, the main architect of a proposed $6.1 billion deal with Fujifilm Holdings Corp <4901.T> which was scrapped this week in a settlement with...
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Icahn warns danger of bankruptcy in Fuji-Xerox deal
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...
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Fujifilm and Xerox renegotiate terms under pressure from Team Icahn
TOKYO -- Fujifilm Holdings and Xerox are renegotiating an agreement that would see the Japanese group take over its long-time American partner but which has run into vocal opposition from top investors Carl Icahn and Darwin Deason
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Xerox profit slumps as battle over Fujifilm deal intensifies
Xerox said on Tuesday its chief executive officer and most of its board will step down to settle a lawsuit by activist shareholders Carl Icahn and Darwin Deason, paving the way for new management to reconsider the contentious deal with Fujifilm. The company said on Wednesday that it will not provide a forecast for 2018 due to the pending director appointment, nomination and settlement agreement with Icahn and Deason. It would have reaffirmed its full-year guidance on revenue, adjusted...
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Xerox board seeks better terms from Fujifilm, will resume talks
(Reuters) - Xerox Corp’s board said on Wednesday it intended to resume merger discussions with Fujifilm Holdings, seeking a superior deal to terms announced at the end of January that have spurred a proxy fight over the company. Carl Icahn and Darwin Deason, who own 15 percent of Xerox, have been trying to unravel the deal and unlock more value out the company. Asserting the Fujifilm deal values Xerox at just $28 per share, they said this week they would consider an all-cash bid of at least...
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Fujifilm’s Komori gives Xerox ‘six months’ to decide on takeover
TOKYO -- Fujifilm Holdings still believes that its takeover offer for Xerox is the U.S. office equipment maker's best hope for survival in a fiercely competitive global market, but the company is preparing in case the deal falls through, Fujifilm CEO Shigetaka Komori said in an interview with Nikkei on Thursday. “When I thought of the best way to maximize the corporate value of Xerox, the takeover was the only choice, and I still think this plan is the one and only way,” Komori stressed.
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Fuji Xerox appoints Icahn-backed director to the board
TOKYO -- Fuji Xerox, the joint venture between Fujifilm Holdings and the office equipment supplier Xerox, said on Thursday it has named to its board of directors an executive supported by activist investor Carl Icahn. The executive, John Visentin, took over as Xerox CEO in May as part of the settlement Icahn and fellow activist investor Darwin Deason reached with the American company. The investors are pressuring Xerox to abandon a $6.1 billion takeover by Fujifilm. read the rest here
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Fujifilm sues Xerox over aborted merger, seeks more than $1 billion
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...
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New Xerox CEO calls Fujifilm’s bid to renew merger talks ‘delusional,’ casts shadow over Fuji Xerox venture
NEW YORK/SAN FRANCISCO – Xerox Corp. CEO John Visentin blasted his Fujifilm Holdings Corp. counterpart’s efforts to revive merger talks and warned that he doesn’t plan to renew the companies’ Asia joint venture Fuji Xerox in 2021. Visentin, elevated to CEO after shareholders Carl Icahn and Darwin Deason won a court order blocking the companies’ $6.1 billion merger deal, said in a letter to Fujifilm Chairman Shigetaka Komori on Monday that a lawsuit by Tokyo-based Fujifilm was “nothing more...
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Xerox cuts full-year revenue forecast, shares fall
(Reuters) - Xerox Corp ( XRX.N ) posted a better-than-expected quarterly profit on Tuesday, but cut its full-year revenue forecast citing organizational changes, primarily in North America. Shares of the U.S. photocopier maker were down 3.5% at $32.72 in trading around noon. Xerox scrapped a complex deal last year to merge with Japan’s Fujifilm Holdings Corp ( 4901.T ) after it ran into strong opposition from activist investors Carl Icahn and Darwin Deason. read the rest here
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Xerox jettisons 4.5K jobs in first half
Xerox offloaded 4,500 jobs in the first half of 2019 through a mix of attrition, layoffs and a new outsourcing agreement, as the company enters its second year under the leadership of CEO John Visentin after a 2018 proxy battle led by billionaires Carl Icahn and Darwin Deason. Xerox has its headquarters in Norwalk, with the company’s global workforce dropping below 28,000 employees as of the end of June. In March, Xerox announced an extension of an outsourcing agreement with HCL, which...
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Xerox CEO John Visentin Awarded $23M Total Pay In First Year
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...
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Xerox says exploring potential deal for financing business
(Reuters) - Xerox Corp said on Monday it was exploring the possibility of a “strategic transaction” for its customer financing business, which accounts for more than 65 percent of its overall debt. The printer maker said its plan to simplify its operations would lead to gross savings of at least $640 million in 2019 and $1.5 billion by 2021. Advertisement The move comes close on the heels of a plan announced by the company to restructure itself to become a wholly owned unit of a new holding...
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Re: Fujifilm sues Xerox over aborted merger, seeks more than $1 billion
My how the plot continues to thicken.
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Re: Carl Icahn takes stake in HP, pushes for merger with Xerox
With this latest bit of news, I'm thinking it's more likely this deal will move forward
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Xerox to be acquired by HP Inc.?
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...
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This Week in the Copier Industry 5 Years Ago
This Week in Copiers Five Years Ago Third Week of February 2018 Real Copier Sales Have you ever had that suspicion that your client is not being on the up and up with you? On multiple occasions during the sales process the DM has mentioned that they have another vendor courting them. On every discussion when that was mentioned they followed with stating we are moving forward with your recommendation. Push finally came shove and the signer could not make the meeting, thus the documents were...
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Xerox shareholder lawsuit to proceed
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...