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Shareholders slam Xerox’s ‘misleading campaign’

May 11, 2018

In the latest of a series of open missives to shareholders published on Carl Icahn’s official website, Icahn and fellow shareholder Darwin Deason have heaped scorn on the latest open letter penned by Xerox’s Board.

In the letter released on Xerox’s company site, the Board said that it was setting “the record straight” with its shareholders, and expressed its view that Mr Icahn and Mr Deason did not have the right “to speak for all shareholders or deprive any shareholders of their right to be heard.” The OEM also reiterated its commitment to maximising value for its shareholders.

Icahn and Deason swiftly issued their own letter in response, published on 10 May 2018, in which they claimed that the Xerox Board had “grossly” misrepresented the facts about their conduct”, and decrying the OEM’s letter as “nothing more than an unconscionable attempt to deny clear documentary evidence proving” that its directors “consistently put their own interests ahead of Xerox and its shareholders.”

They then go on to systematically refute every claim made in the Xerox letter, before concluding that the “Xerox Board is delusional” and deriding what the two shareholders dub the Board’s “infinite, benevolent wisdom”.

Icahn and Deason finish their missive by urging their fellow shareholders “to continue your attempts to contact the Xerox Board and request that they immediately terminate the proposed deal with Fuji and then resign and make way for a new conflict-free, shareholder-focused board of directors.”

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