Tagged With "Carl Icahn"
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Re: Carl Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says
this thing is now getting stupid
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Re: Xerox explores sale of leasing finance unit: sources
Do you think Icahn and Deason are in it for the long-term? Or is this a corporate takeover to temporarily raise the stock price and cash out on their investment?
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Re: Xerox CEO John Visentin Awarded $23M Total Pay In First Year
Job well done to make $23 million US dollars. How many lost employees did it take to make that happen? I don;t know how many Xerox copiers were manufactured in 2018. Could it have been 100K? If so John V made $280 on every unit sold. Not a bad gig
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Fujifilm concedes difficulties in pursuing Xerox acquisition
TOKYO -- Fujifilm Holdings' Chairman Shigetaka Komori has admitted that the acquisition of Xerox -- a deal announced in January then canceled by Xerox in May -- has become "difficult." In an interview with Nikkei, Komori chose his words carefully but appeared to be on the verge of bowing to the inevitable. He said he met Xerox CEO John Visentin in November and that the two "shared" the view that the companies can maintain their existing alliance, which also appeared to be on the rocks...
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Xerox Names Louie Pastor Executive Vice President and General Counsel
NORWALK, Conn.--( BUSINESS WIRE )-- Xerox (NYSE: XRX) announced today the appointment of Louie Pastor as executive vice president and general counsel, reporting to Vice Chairman and CEO John Visentin and serving as a member of the company’s Executive Committee. Pastor will oversee all of Xerox’s legal affairs, including legal aspects of the company’s various strategic initiatives, and lead the company’s corporate security and government-related and public policy activities on domestic and...
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New York Supreme Court enjoins Xerox acquisition
Introduction On 27 April 2018 Judge Ostrager of the Commercial Division of the New York Supreme Court (New York's trial level court) enjoined Fujifilm Holdings Corp's proposed acquisition of a controlling interest in Xerox Corp, which was to be effected in three steps: first through the redemption of Fuji's interest in a joint venture between Fuji and Xerox; then through the issuance of new common shares of Xerox to Fuji; and finally through the payment of a special dividend to the Xerox...
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Fujifilm wins appeal in battle with Xerox over aborted merger
TOKYO (Reuters) - Japan’s Fujifilm Holdings Corp has won an appeal in its legal battles with Xerox Corp, with a New York court overturning preliminary injunctions requested by an activist investor that had blocked their planned merger. Xerox in May scrapped a $6.1 billion deal with Fujifilm in a settlement with investors Carl Icahn and Darwin Deason that also handed control of the U.S. photocopier giant to new management. The ruling by the New York State Appellate Court could give the...
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Fujifilm now suing Xerox for over $1 billion
In the ongoing “melodrama” between industry giants Fujifilm and Xerox, Fujifilm Holdings Corporation is suing Xerox Corporation for breach of contract and estimated damages of more than $1 billion after Xerox walked away from a planned merger earlier this year. Though Xerox appeared to reach an agreement with its dissident investors Carl Icahn and Darwin Deason last month to end the deal it had in place with Fujifilm, apparently it’s still fighting with Fujifilm over the merger the pair...
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Xerox explores sale of leasing finance unit: sources
(Reuters) - Xerox Corp is considering the sale of a leasing unit that lends money to customers to rent printers and equipment, to make itself more attractive to potential acquirers following the termination of its $6.1 billion sale to Fujifilm Holdings Corp, people familiar with the matter said on Friday. Divesting the leasing unit would relieve Xerox of roughly $3.6 billion in debt, one of the sources said. Activist investors Carl Icahn and Darwin Deason, who took control of Xerox earlier...
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New York judge rejects Fujifilm bid to dissolve Xerox deal injunction
NEW YORK – Fujifilm Holdings Corp. failed to persuade a Manhattan state judge to dissolve an order barring its planned merger with Xerox Corp., cutting off a possible option for keeping the deal alive. The company has claimed in a separate lawsuit it will suffer $1 billion in damages if it can’t cement the $6.1 billion takeover, which was thwarted by activist investors Carl Icahn and Darwin Deason. Deason sued Xerox in February in Manhattan state court to block the acquisition, accusing its...
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Xerox says to lower dependency on Fujifilm, seek new vendors
( Reuters) - Xerox Corp said on Monday it would start sourcing products from new vendors to lower its dependency on Fujifilm Holdings Corp and may not renew its technology agreement with the 56-year-old joint venture Fuji Xerox. Fujifilm sued Xerox last week for well over $1 billion, faulting the printer and copier company for succumbing to pressure from activist investors Carl Icahn and Darwin Deason in calling off a proposed merger agreed in January. In a letter to Fujifilm Chief Executive...
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5 Ways Xerox CEO John Visentin Plans To Boost Sales
It's A New Day At Xerox New Xerox CEO John Visentin took the first 15 minutes of the company's second-quarter earnings call to catalog some of the firm's strengths, weaknesses, and how he plans to increase revenue and modernize processes at the aging technology powerhouse. Visentin was named CEO on May 13 following a high-profile legal battle between activist investors Carl Icahn and Darwin Deason and entrenched board members over the companies proposed sale to Fujifilm. Following a legal...
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Fujifilm denies any compromise for acquisition of Xerox
TOKYO -- Fujifilm Holdings is continuing its attempts to acquire Xerox, but the Japanese company has denied it will make any compromise, even if it fails in the bid. The acquisition of the major U.S. office equipment maker is "not indispensable" for Fujifilm's growth, said Shigetaka Komori, chairman and CEO of the Japanese photography and imaging company, during an exclusive interview with Nikkei on Friday. "We would not go as far as to raise our terms of acquisition, set in January, to...
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Xerox cuts 900 jobs in Q3, tightens severance
Xerox cut 900 people from its global workforce in the third quarter as part of an ongoing restructuring, while reporting it has reduced the severance it pays employees who are losing their jobs, particularly in the United States. In the first full quarter that new CEO John Visentin has led Xerox, after a proxy battle that shifted leadership of the company to activist investors Carl Icahn and Darwin Deason, the Norwalk-based printing equipment maker reported net income of $89 million in the...
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It’s back on: Fujifilm’s $6.1 billion bid for Xerox revived after court ruling
Fujifilm Holdings has won a legal challenge against a New York court decision that blocked its proposed $6.1 billion takeover bid for iconic US printer and photocopier manufacturer Xerox Corporation. The New York State Appellate Court has dissolved a preliminary injunction issued by the New York State Supreme Court in April 2018 that stopped the deal that would merge Xerox into joint venture Fuji Xerox - which Fujifilm would then control with a 50.1 percent stake. Fujifilm welcomed the news...
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Xerox's quarterly profit beats estimates, says firm on HP buyout
Xerox Holdings Corp <XRX.N> on Tuesday posted a better-than-expected quarterly profit as it kept a tight lid on costs and said it plans to follow through with its $33 billion bid to buy rival HP Inc <HPQ.N>. Shares of the company, known for its photocopiers and printers, were up as much as 7%. Xerox, which has been facing a slowdown in demand as businesses cut down on printing their paperwork, has laid out a three-year cost-cutting plan under Chief Executive Officer John...
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It Won't Work! Is the motto of the unimaginative, and the Cry of the Insecure
The XEROX/HP saga playing out is proving that many can't see past what's in front of them and have limited imagination to assist them in discovering how things could be, based on how things should be. It has been a few months since Xerox took the bold action and beat HP to the table in a merger discussion. BUT XEROX IS TOO SMALL TO BUY- THE GREAT BIG HP!! Say those looking with no imagination. Yes, HP should have approached Xerox. HP having three times the market cap acquiring the smaller...
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Icahn Suggested HP Buy Xerox With Offer About to Go Public
(Bloomberg) -- Xerox Holdings Corp.’s largest shareholder made a suggestion as the printer maker was preparing to go public with its takeover offer for HP Inc. in November: buy us instead. Activist investor Carl Icahn raised the idea of HP acquiring Xerox for $45 a share in a phone call with HP Chief Executive Officer Enrique Lores in November, according to people familiar with the matter. HP executives viewed the proposal as over-valuing Xerox and decided not to pursue it, said the people,...
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Re: Rumor has it.....
Samsung could acquire Nuance, the company behind Siri’s speech recognition engine By Joe Rossignol , Jun 16, 2014 The Wall Street Journal reported on Monday that Nuance Communications has been in talks with Samsung and private-equity firms about a possible sale of the company. The report, which cites sources with knowledge on the matter, claims it is unclear where sales talks currently stand, or whether these talks will actually materialize into a sale… Nuance provides speech recognition and...
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Xerox to Split in Two; Carl Icahn to Get Three Board Seats
Updated Jan. 28, 2016 5:19 p.m. ET 12 COMMENTS Xerox Corp. XRX 0.00 % is planning to split into two publicly traded companies, according to people familiar with the matter, making the century-old company the latest to slim down and narrow its focus. Xerox, synonymous with once cutting-edge technology, plans to divide itself into one company containing its hardware operations and another housing its services business, the people said. The company is expected to make the announcement Friday...
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Guest Author: Win – Win With Assessments: The Due Diligence of the MPS Consulting Process
Guest Author: Win – Win With Assessments: The Due Diligence of the MPS Consulting Process 19 June 2014 Reporting Company + Bookmark By Petra Diener, James Duckenfield, and Neel Tikkoo NewField IT Established in 2003, NewField IT is headquartered in London and provides state of the art software and services. The company also has offices in France, the Netherlands, and the U.S., operating across more than 40 countries worldwide. The company takes a holistic and analytical approach – from...
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5 Things To Know About A Potential Xerox-HP Deal: ‘The Copier King And The Printer King Combined’
A Deal Designed To Print Cash Rumors of a possible Hewlett Packard and Xerox deal has lit up every corner of the printer copier market, with many saying the tie-up could pave the way to a combined enterprise that is not only bigger, but smarter in its approach to the declining industry. The news comes as Xerox celebrates a year of steady growth under the leadership of Carl Icahn’s hand-picked board and CEO. With a market cap of $30 billion, HP is more than three times the size of Xerox’s...
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XEROX/HP There's a Lesson Here, Let's thank Carl
“Anytime my imagination comes to life; it reminds me to imagine more.” So, it’s been a busy week in the print equipment and its services industry. I say, hang on because the speed of its disruption is going to increase. Thanks, Carl Icahn, for hopefully wakening the industry’s leaders to disrupt themselves. Throughout history, most industries were disrupted by outsiders. So, this move by Carl Icahn is welcomed by those insiders determined to kick the ass of the channel’s complacency and...
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Xerox-HP merger is ‘a no-brainer,’ says Carl Icahn
Activist investor Carl Icahn is pushing for the proposed union of Xerox Holdings Corp. and HP Inc., arguing that a combination of the printer makers could yield big profits for investors. Icahn, who owns a 10.6% stake in Norwalk, Conn.-based Xerox XRX, +2.79% , told The Wall Street Journal that he also owns a 4.24% stake in HP HPQ, +3.07% , valued at roughly $1.2 billion. His stake in HP, not previously reported, could increase pressure on the printer and personal-computer company to strike...
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Carl Icahn takes stake in HP, pushes for merger with Xerox
Activist investor Carl Icahn has bought a $1.2 billion stake in HP Inc and is pushing for the personal computer maker’s merger with printer maker Xerox , arguing that a union could yield big profits for investors, The Wall Street Journal reported on Wednesday. Icahn, who owns a 10.6% stake in Xerox, now owns a 4.24% stake in HP, the Journal said. An HP spokesperson told Reuters the company is aware of Icahn’s investment and is committed to doing what is in the best interests of all HP...
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The ‘strictly confidential’ Xerox offer HP Inc rejected
On Sunday, HP’s board of directors nixed Xerox’s recent offer that lit up the printer copier market with buzz during the last two weeks as the legacy behemoths mulled coming together. HP said it was not tossing out the idea of the two giants merging at some point, but it was saying no to this Xerox offer. “We recognize the potential benefits of consolidation, and we are open to exploring whether there is value to be created for HP shareholders through a potential combination with Xerox,”...
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MSP & MSSP Industry Notes for November 17th 2019
November 17 th , 2019 MSP & MSSP Industry Notes Sponsored by Arcoa Group ARCOA Group is here to help you successfully manage your IT Asset Disposition process. We help you recover value from retired electronic equipment through responsible methods of reuse and recycling. We ensure proper handling of assets which may contain data, while being environment stewards for assets that have no reuse value and are headed for recycling. We’ve built a robust de-manufacturing process to offer...
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Selling Copiers in the Seventies with Carl Little
I've never had the chance to meet Carl Little in person, however Carl has been a long time member of the Print4Pay Hotel. Over the years I've been able to glean valuable knowledge from Carl with his posts on our forums. At the end of the blog we'll have the LinkedIn profile for Carl if you'd like to reach out to him. You could also post a response here if you like. How did you find your way to the copier industry? After graduating college in 1974 from a small college in Kansas & playing...
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‘No tangible benefits’: N.Y. judge rejects Xerox shareholder class action deal
Seems Xerox dodged another bullet here. (Reuters) - New York State Supreme Court Justice Barry Ostrager of Manhattan is not afraid to stir things up. In April 2018, you may recall, the judge – previously a longtime litigation partner at Simpson Thacher & Bartlett – issued a preliminary injunction to block Xerox from allowing a shareholder vote on a proposed merger with Fuji, holding that the deal was hopelessly tainted by Xerox board members’ conflicts. Justice Ostrager’s decision was...
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Imaging Channel Production Print?? Many should Just Say No
As the print equipment and services industry continues declining it's time to evaluate all aspects of the deliverable. In the days of its growth it made sense for dealers to sell all the industry's equipment. However, today dealers should question that approach. Here are my thoughts on Production Print. There seems to be a lot of talk regarding Production Print. However, if that talk turned into a discussion based on realities, most would listen with caution. The Imaging Channel is chasing...
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Xerox exits Fujifilm venture with $2.3 billion stake sale to Japan partner
TOKYO (Reuters) - Xerox Holdings Corp ( XRX.N ) will sell its 25% stake in Fuji Xerox, its joint venture with Fujifilm Holdings ( 4901.T ), for $2.3 billion, after investor activism scuppered a deal involving the two companies. Xerox, struggling with falling demand for office printing equipment, had agreed to a complex $6 billion deal that would have merged the U.S. brand into Fuji Xerox and given Fujifilm control. But Xerox scrapped the deal last year after lobbying by two of its main...
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Carl Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says
A Xerox Holdings Corp. shareholder sued Carl Icahn and an investment vehicle he controls, alleging they bought $1.2 billion worth of HP Inc. shares knowing that Xerox was considering acquiring the stock at a premium. The Miami Firefighters Relief and Pension Fund filed the lawsuit in New York state court in Manhattan on Friday, alleging Icahn, Icahn Capital LP and High River Limited Partnership breached their fiduciary duties to Xerox read the rest here
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Carl Icahn says the HP-Xerox merger is a 'no-brainer'
Carl Icahn posted an open letter to HP shareholders Wednesday morning, trying to pressure the board of the computer and printer company to reverse its rejection of the $22-a-share bid for the company from Xerox. The activist investor is a substantial holder in both companies and sits on the Xerox board. In the letter, Icahn attacks HP management’s “unreasonable refusal to engage in a customary mutual due diligence process”. He goes on to position the discussion as a matter of fiduciary...
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Carl Ichans Open Letter to HP
New York, New York, December 4, 2019 — Today, Carl C. Icahn released the following open letter to shareholders of HP Inc. December 4, 2019 Dear Fellow HP Shareholders, I beneficially own 23,456,087 common shares of Xerox Holdings Corporation, constituting approximately 10.85% of the outstanding shares, and 62,902,970 common shares of HP Inc., constituting approximately 4.24% of the outstanding shares. These holdings place me among the largest shareholders of each company and I, as well as...
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Xerox and HP Update
Xerox and HP possible merger update - Carl Icahn is urging HP Inc. to push ahead with takeover talks with Xerox o arguing the hardware maker’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.” o Claims that a tie-up between the companies could yield more than $2 billion in synergies o “It is absurd for the HP board and management team, with such a history of underperformance and missteps, to claim to have had a sudden epiphany and now expect...
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Japan's Ricoh to book $1.72bn impairment loss as North American business slumps
Japan's Ricoh to book $1.72bn impairment loss as North American business slumps TOKYO (Reuters) -- Japanese office equipment maker Ricoh Co Ltd on Friday said it would book an impairment loss of 180 billion yen ($1.72 billion), citing a slump in North American business as users shift from print to digital. As a result, the firm cut its earnings estimates for the fiscal year ending this month, saying it now expected to book an operating loss of 160 billion yen, a significant cut from its...
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Carl Icahn makes push to remove Xerox CEO
FILE - This Tuesday, May 24, 2016, file photo shows Xerox copiers at a store in North Andover, Mass. Billionaire investor Carl Icahn is calling for the removal of Xerox CEO Jeffrey Jacobson as the copier company reportedly seeks a deal with camera company Fujifilm. (AP Photo/Elise Amendola, File) (Associated Press) FILE - This Tuesday, May 24, 2016, file photo shows Xerox copiers at a store in North Andover, Mass. Billionaire investor Carl Icahn is calling for the removal of Xerox CEO...
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Icahn ally sues to block Fuji-Xerox merger
Xerox shareholder Darwin Deason asked courts on Tuesday to block the company’s merger with Japan’s Fujifilm Holdings, claiming board members at the US photocopier maker had failed in their duty to shareholders. Deason and fellow shareholder Carl Icahn have been fighting to stop Fujifilm from taking over Xerox in a $6.1 billion deal, saying the transaction “dramatically” undervalued Xerox and “disproportionately” favored Fuji. Xerox has countered the claims, saying that the merger seemed to...
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Icahn's opposition puts terms of Fujifilm-Xerox deal in spotlight
Fujifilm CEO Shigetaka Komori's talk of acquiring Xerox without spending a penny apparently struck a nerve with billionaire investor Carl Icahn, right. (Komori photo by Manami Yamada, Icahn photo by Reuters) TOKYO -- Top shareholder Carl Icahn's opposition to Xerox's takeover by Fujifilm Holdings raises the prospect of a tug-of-war over the terms of the deal ahead of the U.S. blue chip's next general meeting. read the rest here
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Xerox shareholders Icahn, Deason urge company to sell itself to rivals
(Reuters) - Xerox Corp shareholders Carl Icahn and Darwin Deason said on Tuesday the U.S. company should seek to sell itself to one of its rivals or a private equity firm. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo Sponsored Xerox could combine with a competitor that is actually willing to pay a significant premium, or Japan's Fujifilm Holdings...
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We Print 50 Trillion Pages a Year, and Xerox Is Betting That Continues
Susie Gharib 1:41 PM ET For most of its 111-year history, Xerox has been known as one of the tech industry’s most innovative companies. Now the legendary copier company is reinventing itself. In January, Xerox made the bold decision to split itself into two, spinning off its business services operations into a separate company called Conduent. And Jeffrey Jacobson, a Xerox tech executive, was tapped as Xerox’s new CEO. Speaking with Fortune’ s Susie Gharib, Jacobson says Xerox is still “one...
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Xerox backs out of $6.1bn sale in blow to Fujifilm
NEW YORK/TOKYO -- U.S. copier and printer maker Xerox said Sunday that it is terminating a Jan. 31 deal to sell a majority stake to its long-time business partner Fujifilm Holdings, causing a major upset to the Japanese company's plans to strengthen its overseas operations. Xerox said it has reached an agreement with Carl Icahn and Darwin Deason, two activist investors opposed to the Fujifilm deal. Xerox is now overhauling its board by removing six of its 10 board members and appointing five...
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Stubborn Fujifilm loses out to Icahn in battle for Xerox
TOKYO -- U.S. office equipment maker Xerox scrapped plans to be bought by Japanese partner Fujifilm Holdings amid a steady drumbeat of criticism from shareholder Carl Icahn, in what amounts to a stinging defeat for Fujifilm CEO Shigetaka Komori. Under an agreement with activist investors Icahn and Darwin Deason announced on Sunday, six Xerox board members resigned and were replaced by five new directors more closely aligned with Icahn. The departing board members include CEO Jeff Jacobson, a...
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Stubborn Fujifilm loses out to Icahn in battle for Xerox
TOKYO -- U.S. office equipment maker Xerox scrapped plans to be bought by Japanese partner Fujifilm Holdings amid a steady drumbeat of criticism from shareholder Carl Icahn, in what amounts to a stinging defeat for Fujifilm CEO Shigetaka Komori. Under an agreement with activist investors Icahn and Darwin Deason announced on Sunday, six Xerox board members resigned and were replaced by five new directors more closely aligned with Icahn. The departing board members include CEO Jeff Jacobson, a...
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Xerox names John Visentin as CEO after scrapping Fujifilm deal
(Reuters) - Xerox Corp (NYSE: XRX ) has appointed John Visentin as chief executive officer and set July 31 for its annual shareholders meeting, the U.S. photocopier maker said on Wednesday. Visentin was also elected vice chairman of the board with Keith Cozza elected as chairman, Xerox said in a statement. Visentin replaces CEO Jeff Jacobson, the main architect of a proposed $6.1 billion deal with Fujifilm Holdings Corp <4901.T> which was scrapped this week in a settlement with...
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Icahn warns danger of bankruptcy in Fuji-Xerox deal
NEW YORK -- After saying a few months ago that Xerox risked meeting Eastman Kodak's fate, activist investor Carl Icahn is now warning shareholders that a proposed takeover by Japan's Fujifilm could lead to bankruptcy. In a written response to questions from Nikkei on Monday, Xerox's largest individual shareholder said it was "absurd" for Xerox shareholders to accept the current offer to merge the U.S. company into existing joint venture Fuji Xerox. "Based on the ongoing accounting scandal...
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Xerox faces hurdles in finding another buyer
Fujifilm Holdings isn't done with Xerox Corp. The Tokyo-based company is planning to sue the photocopier manufacturer for cancelling their planned $6.1 billion merger . Jeff Jacobson , who was under heavy scrutiny for orchestrating the deal, resigned from his role as Xerox chief executive officer and as a member of the board of directors. Keith Cozza and John Visentin , both Icahn Enterprises (NASDAQ: IEP) executives, are now in charge of the Norwalk, Connecticut-based company. I spoke with...
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Fujifilm and Xerox renegotiate terms under pressure from Team Icahn
TOKYO -- Fujifilm Holdings and Xerox are renegotiating an agreement that would see the Japanese group take over its long-time American partner but which has run into vocal opposition from top investors Carl Icahn and Darwin Deason