It looks like Xerox’s shareholders might have won a major victory depending on the details of the settlement, but Xerox Corp.’s Chief Executive Officer Jeffrey Jacobson and six board members are resigning if Judge Ostrager accepts the proposed settlement. It’s unclear what the details of the settlement are beyond the resignations, but the merger might be on permanent hold until a new deal can be reached with the new CEO and board members.
Keith Cozza, CEO of Icahn Enterprises, is expected to be elected Chairman, while John Visentin is expected to be appointed CEO. Fujifilm hasn’t offered to enhance the terms, but as reported earlier are open to renegotiation. The new board and CEO will meet immediately to either save the Fujifilm/Xerox deal or terminate the relationship.
Via Bloomberg
