It was a clash of titans that left Xerox without a head and the company teetering in the balance.
Jeff Jacobsen, the embattled chief executive officer, resigned under pressure from major shareholders who sued to block a proposed merger. A judge enjoined the merger with Fujifilm, saying Jacobson was “hopelessly conflicted” because he pushed the deal to save his job.
Carl Icahn, the billionaire investor, won the battle for control of the struggling company. But as it sometimes goes in mythology, time will tell whether the legend endures.
Out With the Old
Backed by Ichan, Darwin Deason sued to push out Jacobsen and kill the Fuji deal, saying the proposed $6.1 billion merger “dramatically” undervalued Xerox. The two investors hold about 15 percent of the company’s stock.
After the court injunction, the parties settled. Jacobson and six board members are out; a new CEO, chairman and board are in.
In With the New
No sooner than the dust settled, another suitor approached Xerox about a deal. According to reports, Apollo Global Management is interested in acquiring the company.
However, Icahn is firmly in control of the situation. Xerox said the new executives and board are already “evaluating all strategic alternatives to maximize shareholder value.”
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