Fujifilm's secret to survival

Activist investor Carl Icahn is actually urging Xerox shareholders to shred a planned takeover by Japan’s Fujifilm.

The American billionaire warned Monday of which going ahead with the deal would certainly be the “final death knell” for the iconic U.S. printer in addition to copier company.

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Xerox (XRX) announced two weeks ago of which the idea struck a deal to merge itself using a joint venture the idea operates with Fujifilm (FUJIF) in Asia. The plan will give the Japanese firm 50.1% of the merged company, with Xerox shareholders holding the rest.

Related: How Xerox became a verb

As part of the deal, Xerox shareholders will receive cash dividends totaling $2.5 billion — or about one-third of Xerox’s current market value. however of which’s not enough to satisfy Icahn, a former adviser to President Trump.

“The current board of directors has overseen the systematic destruction of Xerox, in addition to, unless we do something, This kind of latest Fuji scheme will be the company’s final death knell,” Icahn in addition to fellow investor Darwin Deason wrote in an open letter to Xerox shareholders.

The two men are trying to kill the deal on its current terms. Together, they control about 15.2% of Xerox stock, according to a regulatory filing.

“We urge you — our fellow shareholders — do not let Fuji steal This kind of company via us,” they wrote inside letter.

The pair criticized the complex agreement as “tortured” in addition to “convoluted,” arguing of which the idea “dramatically undervalues” Xerox.

Icahn in addition to Deason are asking Xerox to publicly disclose any different expressions of interest in buying the company during the 46 days the idea took to thrash out a deal with Fujifilm.

They’re also demanding full disclosure on what professional advice Xerox received inside wake of a major accounting scandal at Fuji Xerox last year. Icahn in addition to Deason argue of which This kind of provided the perfect opportunity for Xerox to terminate the joint venture in addition to go the idea alone in Asia.

Related: Carl Icahn declares war on Xerox

Xerox has struggled in recent years with waning demand for printer in addition to copier supplies. Revenues slipped almost 5% in its most recent financial year.

Shares inside U.S. firm closed up 1.2% in brand-new York trading Monday following the public letter via Icahn in addition to Deason. Fujifilm’s stock dropped 3.2% in Tokyo on Tuesday.

Xerox didn’t immediately respond to a request for comment outside of regular office hours.

In a statement to The Wall Street Journal, the company said the deal with Fujifilm “provides shareholders with the opportunity to benefit via ownership in a combined company of which has enhanced growth prospects in addition to a stronger financial profile to support future value creation, as well as an immediate substantial dividend payment.”

Fujifilm didn’t respond to a request for comment.

This kind of isn’t initially of which Icahn — who first disclosed an investment in Xerox in 2015 — has taken aim at the company’s management.

In December, he warned of which Xerox could follow Eastman Kodak into bankruptcy if the idea didn’t shake up its leadership.

Fujifilm is actually already cutting jobs at the venture with which Xerox plans to merge.

The Japanese company has said the idea aims to lay off 10,000 Fuji Xerox workers as part of plans to cut annual costs by 50 billion yen ($460 million).

— Rishi Iyengar contributed to This kind of report.

sy88pgw (Hong Kong) First published February 13, 2018: 2:03 AM ET