Icahn Wins Xerox Battle, But the War Is Undecided
It's unclear where the activist investor is going to find the $40 all-cash bid he's looking for at the office-equipment and services company.
A Pyrrhic victory so far.
Photographer: Victor J. Blue/Bloomberg
Carl Icahn and Darwin Deason’s victory at Xerox Corp. creates more questions than answers.
The Xerox investors announced an agreement late Sunday to replace a large chunk of the board at the $7 billion printer-supplier, oust CEO Jeff Jacobson and cancel a deal that would have brought the company under the control of Fujifilm Holdings Corp. The agreement caps months of back and forth — including a previous settlement that Xerox agreed to earlier this month, before backing away days later. But the uncertainty over Xerox’s future is only just beginning, something investors realized as they sent the shares down as much as 10 percent.