Icahn, Deason join forces to demand Xerox explore options

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Icahn, Deason join forces to demand Xerox explore options.
(Reuters) - Hedge fund managers Carl Icahn and Darwin Deason joined forces on Monday to push Xerox Corp (XRX.N) to explore strategic options, oust its “old guard”, including its CEO, and negotiate better terms for its decades-long deal with Japan’s Fujifilm.

Icahn and Deason – respectively the No.1 and No.3 Xerox shareholders with a combined stake of over 15 percent – plan to nominate four board members if their demands were not met, they said in a joint letter to Xerox shareholders.

Xerox shares were up 2.5 percent in late afternoon trading on Monday.

Declining demand for office printing has limited prospects of the 50-year-old JV, which is 75 percent owned by Fujifilm Holdings Corp (4901.T) and sells photocopy products and services in the Asia-Pacific region.



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Deason join forces to demand Xerox explore options