fuji xerox

Emily Hunt / for WXXI News

The on-again, off-again agreement between Xerox and two major investors to settle a proxy fight is on-again.

On Sunday evening, Xerox announced that it has ended a proposed $6.1 billion dollar deal that would have seen Fujifilm take control of Xerox, and has reached a settlement with activist investors Carl Icahn and Darwin Deason.

As part of the agreement, Xerox says that CEO Jeff Jacobson has resigned along five members of the Board of Directors including Board Chairman Robert Keegan. Keith Cozza is expected to be named Chairman of the Board.

There were some new developments Monday in the ongoing situation with Xerox and two of its major shareholders, Carl Ichan and Darwin Deason.

The two activist investors released a letter saying that they would consider an all-cash bid for the company at a minimum of $40 a share.

In the latest Business Report, we take a look at where Xerox stands in terms of management and is the possible deal with Fuji still on after a tumultuous week?

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A tumultuous week for Xerox has resulted in another surprising turn of events.

Late Thursday night, Xerox released a statement saying that its current board and management team will stay in place, after a settlement agreement it had reached with two activist shareholders has expired.

Emily Hunt / for WXXI News

Along with all of the changes and controversy surrounding its management structure this week, Xerox is also reporting first-quarter earnings. They were released Wednesday night, but the company is not holding the usual conference call about the report with investors.

For the quarter, the company saw $23 million in net profits, down from $40 million a year ago. The adjusted earnings per share of 68 cents missed the average estimate from Wall Street analysts.

The sudden news about sweeping changes in Xerox’s management ranks has left a lot of questions as well as unsettling feelings for some employees.  

With the surprise announcement Tuesday night that Xerox CEO Jeff  Jacobson is stepping down, along with the board of directors Chairman and several other directors, it has raised questions about where the company goes from here. 

The agreement between Xerox officials and two major shareholders also puts the possible takeover by Fuji up in the air as well.

Emily Hunt / for WXXI News

There’s a major shakeup at Xerox in the wake of the recent fight over the control and direction of the company by two major investors.

Late Tuesday night, Xerox announced that CEO Jeff Jacobson and six board members are resigning as part of an agreement with those investors, Carl Icahn and Darwin Deason, who together control about 15% of Xerox’s stock.

The board members who are resigning including the current Chairman of the Board, Robert Keegan. Jacobson will also give up his board seat.

In the latest business report, now that a judge has issued a preliminary injunction blocking the proposed takeover of Xerox by Fuji, what’s next for the proposed merger?

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The proposed takeover of Xerox by Fuji has been temporarily blocked by a judge in New York City.

According to Reuters, State Supreme Court Justice Barry Ostrager issued a preliminary injunction on Friday after activist investors sued to try and stop the deal.

The judge is quoted as saying that CEO Jeff Jacobson sought to conclude the deal even though he was advised to end negotiations.


Xerox has reopened talks with Fuji about their $6.1 billion dollar agreement for Fuji to acquire Xerox.

Reuters says that the two companies have reopened talks on the merger and are discussing a higher price after Xerox, under pressure from top investors, asked to renegotiate the terms.

Xerox provided this statement to WXXI News on Friday morning: