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Xerox is firing back with a strongly worded letter after it was reported last week that Fuji is suing Xerox for more than a billion dollars.

That’s after Xerox backed out of a proposed merger between the two companies that would have seen Fuji take majority control of Xerox.

On Monday, Xerox’s new CEO, John Visentin, who was named to that post in May, released a letter he sent to Fuji Chairman Shigetaka Komori in which he calls the lawsuit a “desperate and misguided negotiating ploy to save their takeover attempt.”

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Fuji is suing Xerox  after that company backed out of a proposed merger.

Fuji had reached a deal in January with Xerox to take majority control of that company. But Xerox scrapped the deal last month in a settlement with activist investors Carl Icahn and Darwin Deason.

In May, Xerox also announced a new CEO and several new board members as part of that settlement.

Icahn and Deason have opposed the Fuji takeover, saying that it undervalues Xerox. But they have indicated they would consider a better offer.

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Fujifilm Holdings says the company may consider giving up its proposed $6.1 billion merger with Xerox if there is no progress on talks with the company within the next several months.

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Fujifilm is planning to sue Xerox soon over the company’s decision to pull out of a $6.1 billion deal that would have seen Fuji take over control of Xerox.

Xerox has officially appointed John Visentin as CEO and set July 31st as the date for the annual meeting. There is no word yet on a location for that meeting.

The company released more information about its next moves on Wednesday night.  Earlier this week, Xerox announced that Visentin would become CEO and that Jeff Jacobson and five other board members would resign as part of a settlement with activist investors, Carl Icahn and Darwin Deason.

Emily Hunt / for WXXI News

The on-again, off-again agreement between Xerox and two major investors to settle a proxy fight is on-again.

On Sunday evening, Xerox announced that it has ended a proposed $6.1 billion dollar deal that would have seen Fujifilm take control of Xerox, and has reached a settlement with activist investors Carl Icahn and Darwin Deason.

As part of the agreement, Xerox says that CEO Jeff Jacobson has resigned along five members of the Board of Directors including Board Chairman Robert Keegan. Keith Cozza is expected to be named Chairman of the Board.

There were some new developments Monday in the ongoing situation with Xerox and two of its major shareholders, Carl Ichan and Darwin Deason.

The two activist investors released a letter saying that they would consider an all-cash bid for the company at a minimum of $40 a share.

In the latest Business Report, we take a look at where Xerox stands in terms of management and is the possible deal with Fuji still on after a tumultuous week?

More jobs are coming to Genesee County, including several associated with a ‘biogas’ facility. Plus, Key Bank is providing a boost to a new effort by the Urban League of Rochester and the Ibero-American Action League.

A tumultuous week for Xerox has resulted in another surprising turn of events.

Late Thursday night, Xerox released a statement saying that its current board and management team will stay in place, after a settlement agreement it had reached with two activist shareholders has expired.

Emily Hunt / for WXXI News

Along with all of the changes and controversy surrounding its management structure this week, Xerox is also reporting first-quarter earnings. They were released Wednesday night, but the company is not holding the usual conference call about the report with investors.

For the quarter, the company saw $23 million in net profits, down from $40 million a year ago. The adjusted earnings per share of 68 cents missed the average estimate from Wall Street analysts.

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