Carl Icahn, Darwin Deason Confirm Expiration Of Xerox Settlement Agreement

(RTTNews) - Carl Icahn and Darwin Deason have released an open letter to shareholders of Xerox Corp. (XRX), confirming the expiration of the previously announced settlement agreement they entered into with Xerox and the company's board of directors.

Icahn and Deason, Xerox's two largest individual shareholders, also accused the Xerox board of committing additional breaches of fiduciary duties "by pursuing their own brazen self-interest."

They also urged the Xerox board to terminate the proposed transaction with Fujifilm Holdings Corp. (FUJIF.PK, FUJIY.PK), resign as directors and hire John Visentin as CEO.

"At 8:00 pm ET on Thursday night, the settlement agreement we entered into with Xerox and a unanimous Xerox Board earlier this week expired without the Xerox Board permitting the agreement to take effect, once again intentionally violating their fiduciary duties to Xerox shareholders by pursuing their own brazen self-interest," Icahn and Deason said in their letter to Xerox shareholders.

They noted that this occurred just 48 hours after Xerox issued a press release in which the Xerox board had said that an immediate resolution of the pending litigation and proxy contest is in the best interest of Xeox and all stakeholders.

"Over the next few months, we intend to see that "massively conflicted" Jeff Jacobson and old guard directors like Bob Keegan, Ann Reese and Chuck Prince, who have already done so much damage to the company, and are continuing to do more damage with these actions, are held fully and personally liable for their misconduct," Icahn and Desaon said.

They also said they will continue their fight to rescue and revitalize Xerox.