NEW YORK: Copier company Xerox Corp . "Over the past several weeks, the Xerox Board has repeatedly requested that Fujifilm immediately enter into negotiations on improved terms for a proposed transaction. "As part of a settlement agreement with Icahn and Deacon, Xerox said it has appointed five new board members and a new CEO, John Visentin. He replaces Jeff Jacobson , who resigned as CEO and as a board member.Icahn and Deason had opposed Fujifilm's takeover, arguing it undervalued Xerox, and had called for Jacobson's resignation. "We are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm," Icahn said in a statement.Deason said, "Xerox is now positioned to conduct a true, robust strategic alternatives process."

Source: Economic Times May 14, 2018 00:33 UTC