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Xerox

Caitlin Whyte / WXXI News

The former Xerox Tower building is now officially on the market.  The company's lease of that 30-story building ended on June 30th, and the remaining Xerox employees who had been working there have all been moved to the company's Webster campus.

On Monday, workers were removing the Xerox name and logo off that iconic building.  The 30-story building is the tallest in Rochester, and one of the tallest in New York State outside of New York City.

In recent months, Xerox employees had only occupied about half of the building which is now owned by Buckingham Properties.

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.”

Xerox

Xerox has named Steve Bandrowczak  as President and Chief Operating Officer. Those positions were not filled previously.

Bandrowczak will be responsible for developing and executing a global operations strategy for the company.  Recently appointed CEO John Visentin says that Bandrowczak, “brings a track record of growing businesses and enhancing competitiveness through a combination of innovation, technology and operational rigor.”

www.fujifilmholdings.com

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.

www.fujifilmholdings.com

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.

www.fujifilmholdings.com

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.

Emily Hunt / for WXXI News

Xerox has been through some tumultuous times in recent weeks with questions over who will end up controlling the company. And with the recent announcement there will be a new CEO and several new board members, a retirees group is wondering what it will mean for their members.

David Coriale is president of the Association of Retired Xerox Employees, a national group which represents some Xerox retirees across the country.  He says there are about 10,000 Xerox retirees in the Rochester area.

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.

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