April 17, 2018 / 7:35 PM / 5 months ago

Icahn, Deason suggest monetizing Xerox assets over Fujifilm merger

(Reuters) - Top Xerox Corp (XRX.N) shareholders Carl Icahn and Darwin Deason on Tuesday suggested here alternatives to the printer maker's proposed merger with Japan's Fujifilm (4901.T), including a plan for the U.S. company to monetize some assets.

FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo

The suggestions include removing Xerox’s current management and monetizing the company’s “untapped” intellectual property in digital printing and other businesses.

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

Icahn and Deason, who own a combined 15 percent of Xerox, have repeatedly urged fellow shareholders to oppose the $6.1 billion Fuji-Xerox deal.

The shareholder duo has said the merger dramatically undervalues Xerox and criticized the deal structure, which calls for the U.S. firm to be combined into the Fuji Xerox joint venture, as being convoluted.

“We believe our plan could create total value of $54 to $64 per share compared to (the approximate) $28 per share in the (Fujifilm deal),” Icahn and Deason said in a presentation.

Xerox, in a statement, said on Tuesday that Icahn and Deason’s presentation was repeating “prior misleading statements” and “failed to provide a credible or actionable alternative to create value for shareholders.”

Reporting by Munsif Vengattil and Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar

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