Judge Denies Xerox Request for Quick Resolution
After key Xerox shareholders posted a $150 million bond to preserve the two preliminary injunctions issued by the New York State Supreme Court on Monday, a judge denied Xerox's request for a quick hearing on its appeal to lift the injunctions, which block its merger with FujifIlm Holdings.
In today's Rochester Democrat & Chronicle, Xerox Corp. says it is now reconsidering the terms of a potential Fuji merger.
In a letter to fellow shareholders Monday, Carl Icahn and Darwin Deason said the judge agreed the Fuji deal was "tainted with conflict."
They wrote: "The first injunction bars Xerox from holding a shareholder vote on the mind numbingly complex Fuji transaction. The second injunction bars Xerox from enforcing its advance notice bylaw. This means that the lame duck board may no longer deny shareholders their fundamental right to nominate an alternative slate of directors who are committed to enhancing value for ALL shareholders rather than rushing into a no-premium deal with Fuji to further their own personal interests."