Xerox is sliding after being sued by one of its largest shareholders (XRX) from Ayman's blog

Xerox Stock price darwin Deason suit fujufilm merger

  • Billionaire investor Darwin Deason has sued Xerox to block its proposed merger with Fujifilm.
  • Shares of Xerox sank more than 3% on the news; Fujifilm was also down. 

Shares of Xerox plunged as much as 3.35% Tuesday morning after one of its largest shareholders, billionaire Darwin Deason, filed a lawsuit against the company to block its proposed merger with Japan`s Fujifilm. 

The 78-year-old who sold Affiliated Computer Services to Xerox in 1988 for 6.4 billion hopes to halt the proposed merger between Xerox, of which he owns a 3.37% stake, and competitor Fujifilm.

"The transaction must be stopped dead in its tracks,” Deason’s suit, filed Tuesday, reads. "The value of Xerox as a standalone company ... is significantly greater than the value being provided to the company and its shareholders as part of the proposed transaction."

Both Deason and billionaire activist investor Carl Icahn, the second-largest Xerox shareholder, on Monday voiced their disapproval of the merger in a letter to shareholders, saying the 6.1 billion deal “dramatically undervalues” the company.

"We urge you - our fellow shareholders - do not let Fuji steal this company from us," the two wrote. "there is still tremendous opportunity for us to realize value on our own if we bring in the right leadership."

Under the proposed terms of the team, the two companies would merge to form one combined company, with Fujifilm shareholders owning a 50.1% majority stake.

Both Xerox and Fuji leadership support the deal. Xerox said in a statement that the proposed merger "represents compelling strategic and financial value for Xerox shareholders."

Shares of Xerox were down 1.84% at the time or writing. Fujifilm was down 3.23%.  

SEE ALSO: Carl Icahn and Darwin Deason are trying to stop the Xerox Fujifilm deal

Join the conversation about this story »

NOW WATCH: Microsoft President Brad Smith says the US shouldn`t get `too isolationist`

Previous post     
     Next post
     Blog home

The Wall

No comments
You need to sign in to comment

Like Us On FB

Follow Ayman

Blogger Tricks


simsim Basic


Ayman Admin
A 1,600-year-old missing mosaic has finally return... more
Ayman 20 minutes ago
Ayman Admin
Iran is still hopeful that its 2015 nuclear deal w... more
Ayman 21 minutes ago
Ayman Admin
Opponents of British Prime Minister Theresa May ar... more
Ayman 21 minutes ago
Ayman Admin
Cambodian Prime Minister Hun Sen said on Monday th... more
Ayman 50 minutes ago
Ayman Admin
A city in China`s far-western Xinjiang region has ... more
Ayman one hour ago
Ayman Admin
Russian President Vladimir Putin told U.S. Vice Pr... more
Ayman one hour ago
Ayman Admin
Israeli Prime Minister Benjamin Netanyahu has warn... more
Ayman one hour ago
Journalist Vip
Want to know what the uterus looks like in the var... more
Journalist one hour ago
Ayman Admin
Russia, Turkey, and Iran will hold the next round ... more
Ayman 2 hours ago
Ayman Admin
Thailand`s foreign ministry on Monday said it had ... more
Ayman 2 hours ago


6 members
10 members
11 members
19 members
27 members
  EG Pound Exchange Rate
Flag Counter


Google this