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Timeline: Xerox's complex relationship with top investors

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05/10/2018 | 01:33am EST

(Reuters) - Xerox Corp's board is battling activist shareholder Carl Icahn and investor Darwin Deason over the company's plan to sell itself to Japan's Fujifilm in a deal the two say dramatically undervalues the photocopying firm.

Following is a timeline of events when the two investors took a stake in the company and how their relationship slowly developed into one of the most contentious proxy fights currently on record.

Feb. 8, 2010

Darwin Deason, son of an Arkansas chicken farmer, becomes a Xerox shareholder after the copier and printer maker buys https://connect.blogs.xerox.com/2010/02/08/xerox-acquires-acs/#.WvMdfS7wZph his company ACS.

Nov. 23, 2015

Carl Icahn discloses https://reut.rs/2jHOMka stake in Xerox and calls shares undervalued

Jan. 29, 2016

- Xerox to split https://www.reuters.com/article/us-xerox-icahn-idUSKCN0V71B2 into two companies - one holding its legacy printer operations and the other its business process outsourcing unit

- Icahn gets three board seats on the outsourcing company

- Icahn says separation will greatly enhance shareholder value for Xerox shareholders

June 23, 2016

Business process outsourcing company to be named https://in.reuters.com/article/xerox-ceo-printer-idINKCN0ZA0A5 "Conduent Inc" and document technology company Xerox Corp. Jeff Jacobson, head of Xerox technology unit, to take over as Xerox CEO

June 27, 2016

Icahn registers 9.78 percent stake in Xerox. Icahn nominee Jonathan Christodoro joins https://xerox.bz/2jEvZG6 Xerox board

Oct. 31, 2016

Deason, now fourth largest shareholder with 6.1 percent, sues in a U.S. court to prevent the split. Xerox settles https://reut.rs/2K2fIpH with Deason two weeks later to allow split to proceed

Jan. 3, 2017

Xerox completes https://xerox.bz/2ItWUT4 separation of Conduent

April 20, 2017

Japan's Fujifilm postpones https://www.reuters.com/article/fujifilm-accounts/fujifilm-delays-earnings-announcement-due-to-accounting-probe-idUSL3N1HS3FL its earnings announcement over questionable accounting practices at a unit of Fuji Xerox, its Asia-Pacific joint venture with Xerox

Xerox quarterly profit takes charges related to equity investment in Fuji Xerox

Aug. 1, 2017

Xerox revises https://www.news.xerox.com/internal_redirect/cms.ipressroom.com.s3.amazonaws.com/84/files/20176/NR%20Aug%201%202017%20Xerox%20Reports%20Second-Quarter%202017%20Earnings.pdf financial statements for prior periods to reflect the equity income impact from the Fujifilm investigation of Fuji Xerox accounting practices

Dec. 11, 2017

- Xerox says standstill arrangement between the company and Icahn agreed in June, 2016 terminated. Icahn nominee Jonathan Christodoro steps down from Xerox board

- Icahn says https://www.news.xerox.com/news/Change-to-Xerox-Board-of-Directors to nominate four candidates for election to Xerox board

Dec. 12, 2017

Icahn says Xerox "desperately" needed new leadership - his first public criticism of management

Jan. 11, 2018

Wall Street Journal reports Xerox in talks with Japanese camera maker Fujifilm Holdings on deal that could include a change in control of Xerox.

Jan. 17, 2018

- Darwin Deason urges Xerox to make public its joint venture agreement with Fujifilm

- Xerox says Deason's letter "false and misleading"

Jan. 18, 2018

Icahn calls for termination or renegotiation of Fujifilm joint venture

Jan. 22, 2018

Icahn and Deason, together holding 15 pct of shares, say Xerox should explore strategic options, reveal agreement with Fuji. They call for CEO Jacobson to resign and replacement of board "old guard".

Jan. 31, 2018

- Fujifilm says to take over Xerox in a $6.1 billion deal and combine the U.S. company into existing joint venture, Fuji Xerox

- Combined company will keep the Fuji Xerox name, become a subsidiary of Fujifilm, and be led by Jacobson

- Fujifilm says cutting 10,000 jobs at Fuji Xerox, more than a fifth of workforce.

Feb. 12, 2018

- Icahn and Deason say transaction "dramatically undervalues" company

- Xerox tells Reuters it considered several options in detail and concluded that the combination with Fuji Xerox is the "best path to create value" for the company

Feb. 13, 2018

- Deason asks a court to block merger

- Xerox says walking away from the joint venture would require it to completely rebuild its supply chain

Feb. 20, 2018

Icahn and Deason said Xerox should seek to sell itself to one of its rivals or a private equity firm

March 2, 2018

Deason sues Xerox to allow him to make nominations to its board after missing a deadline

April 17, 2018

Icahn and Deason say company could be worth $54 to $64 per share if it cashed in "untapped" intellectual property in digital printing and other businesses

April 27, 2018

- Source says Fujifilm and Xerox have reopened talks and are discussing a higher price

- U.S. judge temporarily blocks Xerox-Fujifilm deal, saying Jacobson sought to conclude the deal even though he was advised to end negotiations

May 1, 2018

- New York court filing shows Jacobson agreed to resign along with six other directors in settlement with shareholders

- The proposal still needed court approval

- As part of the agreement, the court needs to discontinue Deason litigations against Xerox defendants before 8 p.m. ET on May 3 or else the agreement will automatically terminate

May 2, 2018

- New Icahn and Deason controlled board to meet to reevaluate its joint venture deal with Fujifilm. John Visentin, previously at Novitex Enterprise Solutions, to become CEO.

- Reuters reports buyout firm Apollo Global Management LLC has expressed interest in buying Xerox

May 3, 2018

- Xerox says current board and CEO will stay after all, saying settlement agreement has expired

- Xerox appeals New York court ruling to block its deal with Fujifilm

- Xerox and the activists said the agreement expired over last-minute issues that arose in negotiations with the judge overseeing the case that made the parties unable to finalize their settlement ahead of a self-imposed deadline

May 7, 2018

- Icahn and Deason say they would seriously consider all-cash bid for Xerox at a minimum price of $40 per share

- They are "confident other potential buyers are waiting in the wings".

(Compiled by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr)

Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT LLC -0.77% 30 Delayed Quote.23.23%
FUJIFILM HOLDINGS CORP 0.46% 5033 End-of-day quote.19.38%
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