Deason Sues Xerox To Block Deal With Fujifilm

Much ado surrounds the prospective merger of Xerox Corp with Japan’s Fujifilm Holdings joint venture, Fuji Xerox. Two Xerox shareholders, Darwin Deason and Carl Icahn, have asserted that the $6.1 billion merger inexplicably favors Fuji and severely undervalues the U.S. photocopier manufacturer. Claiming a failure of duty to its shareholders, Deason is suing Xerox to block the merger.

Although a partnership between the Japanese and American giants has subsisted since 1962, with current agreements dating back as recently as 2001, Deason argues that a previously unrevealed “crown jewel” lock-up right exists wherein should Xerox sell a 30% share of their stock to another party, Fuji is granted control over Xerox’s intellectual property and manufacturing rights in the Asia-Pacific market

As stated in Deason’s complaint, “The ‘end game’ for Xerox – a sale to Fuji – was decided 17 years ago with this undisclosed ‘crown jewel’ lock-up right granted to Fuji, and shareholders had absolutely no clue.”

However, Xerox, insists that Mr. Icahn and Mr. Deason were both aware of the agreement details, going on to state, “These documents have since been publicly disclosed. For any of them to assert that these agreements were ‘shrouded in mystery’ is disingenuous, at best.” Xerox also pronounced, “The agreement is a binding legal document that cannot be simply wished away, renegotiated or dissolved because Mr. Icahn and Mr. Deason desire it so,”

Owners of a combined 15.2% share in Xerox, both Icahn and Deason have asked their fellow shareholders to free “the company from the shackles of the Fuji Xerox joint venture.” Xerox, maintaining that the merger is in the best interest of the company, countered in a recent letter to shareholders (who still have to approve the deal) that abandoning the merger would be exceedingly expensive, requiring a total supply chain rebuild that would take indeterminate time to execute.

Follow us on social media for the latest updates in B2B!



Canadian Advanced Air Mobility
The Future of Transportation is Coming
July 15, 2024

As the aviation industry advances, Canadian Advanced Air Mobility (CAAM) is spearheading the integration of electric vertical takeoff and landing (eVTOL) aircraft, drones, and other innovative technologies into Canadian airspace. The need for sustainable and efficient air transport solutions is more critical than ever. The stakes are high, with environmental impacts and economic opportunities…

Read More
Why Hardwired Buttons Outperform Wearable Devices in School Safety
July 15, 2024

In a recent episode of “Secured” with hosts Mike Matranga and Mike Monsive, the conversation revolved around the evolution of safety systems in schools and wearable devices. The discussion highlighted the simplicity of understanding effective systems, using Buc-ee’s gas stations’ success, known for their clean restrooms, as an analogy for consistency and excellence. Matranga…

Read More
AIS targets
Fact or Fiction: Do All Boats Show as AIS Targets on Radar?
July 12, 2024

In this latest episode of Icom’s “Fact or Fiction,” Captain Kelly Gordon tackles a common misconception about marine radar systems: Do all boats show up on radar as AIS (Automatic Identification System) targets? Many believe every vessel on the water appears as those distinctive little triangles on radar screens, representing AIS targets. However, Captain…

Read More
AI in content marketing
Generative AI in Content Marketing: Why Creativity & Authenticity Will Make it Work
July 11, 2024

Will 2024 be known as the year AI made waves in content marketing? It sure seems so, with recent AI-driven ads from Toys R Us and Under Armour generating significant buzz online. Not just this: Despite having no official ties to the brand, a mock Volvo ad created entirely by AI has also gone…

Read More