Billionaire investor objected to imaging company's $6.1 billion takeover by Japan's Fujifilm
Wall Street is giving an initial thumbs down to a management shakeup at Xerox.
Shares of the print and imaging giant fell nearly 6 percent in early trading a day after it announced that CEO Jeff Jacobson and six board members are relinquishing their positions in an agreement with activist shareholder Carl Icahn. The billionaire investor has sought to derail the company’s deal $6.1 billion takeover by Japan’s Fujifilm.
Icahn said in a statement: “With new leadership in place, we believe Xerox will be much better positioned to take advantage of multiple potential value-enhancing opportunities, including restructuring its relationship with Fujifilm, our supposed ‘partner’ whose conduct over the last year is more unbelievable than what you see on fictional TV shows like ‘House of Cards’ or ‘Billions.'”
Jacobson and Xerox Chairman Robert Keegan both agreed to step down as part of a settlement with Icahn and Darwin Deason, two of Xerox’s biggest investors.
