The hatchet remains unburied at Xerox
May 4, 2018
Xerox’ headquarters in Norwalk, Connecticut
In the latest twist to the Xerox tale, the OEM has announced that the settlement agreement it made earlier this week with Icahn and Deason has now expired.
Developments in the Xerox case have come thick and fast over the last few days, from a court ruling that temporarily blocked the well-documented proposed deal between Xerox and Fujifilm, to the tenuous truce brokered on 1 May 2018 between the OEM and its embittered shareholders, Carl Icahn and Darwin Deason. This was then followed by yesterday’s dramatic U-turn, which saw several of the OEM’s top brass preparing to step down from their positions on the board.
Now, in a fresh twist, Xerox has revealed that the settlement agreement it had reached with Carl Icahn and Darwin Deason on 1 May 2018 has expired in accordance with its terms.
The OEM said, “As previously stated, the agreement would have become effective upon execution of stipulations discontinuing the Deason litigation with respect to the Xerox defendants. In the absence of such stipulations, the agreement expired at 8:00 p.m. ET on 3 May 2018.
As a result, the current Board of Directors and management team will remain in place.
Xerox and its Board of Directors recognise the uncertainty caused by the developments of the past several days among the company’s investors and other stakeholders.
The Xerox Board and management team remain focused on driving continued improvement in financial and operational performance, and will consider all options to create value for the company and its shareholders.”
While there can be no denying the recent turbulence of events between Xerox, its shareholders and Fujifilm, one thing is certain; this is not the end of the battle between the OEM and its two major shareholders, Carl Icahn and Darwin Deason.
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