Tagged With "Darwin Deason"
Reply
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?
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
‘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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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...
Topic
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
Topic
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...
Topic
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...
Topic
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.
Topic
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
Topic
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...
Topic
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...
Topic
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
Topic
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...
Topic
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...
Blog Post
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...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in Copiers Five Years Ago Last Week of April 2018 Real Copier Sales While driving today I thought about why I lost an opportunity and it was no fault of my own, however it was due to the end of the year push. That end of the year push was from a direct branch of a manufacturer. It was a dump on price to get the order in before the end of the year. Thus, most of us know that the magic month for pushing from manufacturers is the month of March, because the end of the fiscal year is...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in Copiers Five Years Ago First Week of May 2018 Real Copier Sales Karl · 5/1/1812:34 PM So I need to get better at cold calling, I was wondering if you all could share what you say when you walk into a business cold calling to find out about there copier needs and not get blocked by the gate keeper? Great threads and replies to Karl more here Enjoy these awesome copier threads from 5 years ago Konica Minolta’s Workplace Hub Employs ScienceLogic’s new Artificial Intelligence...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in Copiers Five Years Ago Second Week of May 2018 Real Copier Sales Here is something I don't see others do very often...when going in early to renew a 36 month lease, I don't don't "eat" the buy-out, I extend the term. If I'm going to renew at 34 months, I write the renewal for 38 months. I explain to the DM that it ends up being the same 72 months, they just get the benefit of the lower renewal payment a couple months more. The extra funding from a 38 month rate doesn't cover all...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in Copiers Five Years Ago Third Week of May 2018 Real Copier Sales Almost a week ago I had an email response from my jerseyplotters web site that a company was interested in a wide format MFP. I followed up with a few emails and a call for the first three days and finally connected with one of the DM's on the fourth day. As luck would have it, we are flush with wide format demo MFP's in our office. We were able to set the demonstration and our prospect (DM) arrived and was able to...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago This Week in Copiers Five Years Ago First Week of June 2018 Real Copier Sales Be Prepared. Is the motto of the Boy Scouts. Someone one asked Based Powell, 'be prepared for what?" Baden responded with, "why, for any old thing." The imaging industry is changing again. There's a new war on the horizon for A3 & A4 MFP's, and it's not A3 vs A4 anymore. It's the war for "toner vs ink". read more here... Enjoy these awesome copier threads from 5...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Last Week of June 2018 Real Copier Sales Today was a sweet day for me because after eight years I finally sealed the deal with a net new client for a $17K order. Eight years! I guess this is a testament about not giving up, not giving up when you don't win the first first and second time. For many reps they may never make that 8 year mark, many may give up after the first loss and not alone the second loss. After 43 years of courting SMB clients...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Third Week of July 2018 Real Copier Sales We were never a big dealer, I did most of the sales while my other partner handled the technical work. From time to time I had to dig in and do a few service calls when we were swamped. Not being a large dealer enabled us to make timely decisions and offer products that were in high demand. Back in the early nineties we were still selling analog copiers and improvements came at a much slower pace than...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Last Week of July 2018 Real Copier Sales I don’t have a fancy picture, nor a creative meme hashtag # memes and not even a fancy sales gimmick to tell you about. What I received today was an order for $45k from an an account that I’ve been stopping in for 30 years! I’ve lost so many times over that time span to this client. Loss after loss after loss and yet I kept coming back for more. I guess I thought that my persistence would eventually pay off...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Second Week of September 2018 Real Copier Sales Xerox Financial, Canon Financial) may be the ones forced to adhere to these rules. Since most of the contracts for MFP's today are written are FMV leases, they may well be exempt from the disclosure rules. The problem that you may run into would be the occasional $1.00 MFP's/IT/Softwaredeals that are done. more here Enjoy These Awesome Copier Threads from 5 Years Ago Konica Minolta Launches...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Third Week of October 2018 Real Copier Sales I thought it would be a great idea to share those on Linkedin that I follow and admire for their content and their activity. Activity is BIG, why follow someone if they are not active. Thus, there's no special order below, it's my short list of peeps to follow on LInkedin that can help your sales career more here View These Awesome Copier Threads Below Selling Copiers in the Seventies with Steve Mcbride...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Last Week of October 2018 Real Copier Sales "Distance Yourself from The Pack" Whew! I must say that they last ten years selling for a Ricoh Dealership has been interesting. When I first started with my dealership back in 1998, Ricoh had just purchased Savin and..... more here View These Awesome Copier Threads Below Selling Copiers in the Seventies with Darrell Leven Art Post · 10/30/1811:18 PM . If you worked for a dealer please tell us what...
Blog Post
This Week in the Copier Industry 5 Years Ago
This Week in the Copier Industry 5 Years Ago Third Week of July 2019 Real Copier Sales I have been in the industry for 25 years and something new just started recently. Private equity firms are buying copier dealerships. Not just one or two but 5 different ones in the US. I started my career at IKON many years ago and as the company started to come together as a company I recognized we were in trouble. At the time I thought HP would buy it but as you know Ricoh purchased it. Probably the...