Xerox Says Maximizing Shareholder Value

(RTTNews) - Xerox Corp. (XRX) said that its board intends to resume discussions with Fujifilm regarding a potential combination with Fuji Xerox on superior terms to the transaction announced on January 31. It continues to engage with all of its shareholders and ensure all shareholder voices are heard; and pursue its appeal of the lower court's ruling in the Deason litigation, which the company believed was wrongly decided and will be reversed.

The company will be guided by commitment to ensure the success of Xerox and to maximize value for all shareholders.

Xerox noted that. Icahn and Mr. Deason have every right to express their views about Xerox and its Board, and the company is prepared to defend every decision it has made. The company does not, however, believe that Mr. Icahn and Mr. Deason have the right to speak for all shareholders or deprive any shareholders of their right to be heard.

Xerox said, "We have refrained from engaging in a back and forth with Mr. Icahn and Mr. Deason in their campaign against the company, even as they targeted management and the Board with personal, unsubstantiated attacks that we believe have been damaging to Xerox. However, after Mr. Icahn told the Nikkei Asian Review that a combination of Xerox and Fuji Xerox creates a risk of bankruptcy, we felt compelled to respond and to point out that Mr. Icahn's fear-mongering was false and highly irresponsible."

As part of this campaign, Mr. Deason mounted an aggressive legal attack seeking to deprive Xerox shareholders of their right to vote on a transaction. On April 27, the lower court ruled in his favor. . Xerox said it strongly disagree with Mr. Deason's case and believe that the lower court's unprecedented ruling disregarded well-settled law and will be overturned on appeal.