February 12, 2018 / 2:26 PM / a year ago

Icahn, Deason criticize Xerox's proposed deal with Fujifilm

Feb 12 (Reuters) - Xerox Corp shareholders Carl Icahn and Darwin Deason strongly criticized the company’s plan to sell itself to Japan’s Fujifilm Holdings, saying the transaction “dramatically undervalues Xerox and disproportionately favors Fuji.”

"We urge you – our fellow shareholders – do not let Fuji steal this company from us," Icahn and Deason said in an open letter. (bit.ly/2skuvYM)

Icahn and Deason – respectively the No. 1 and No. 3 Xerox shareholders with a combined stake of over 15 percent – in January pushed the company to explore strategic options.

On Jan. 31, Fujifilm said it was set to take over Xerox in a $6.1 billion deal and combine it into their existing joint venture, Fuji Xerox.

Xerox could not immediately be reached for comment. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju Samuel)

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