Tag Archives: Icahn

Carl Icahn sues Dell over plans to go public
November 1, 2018 12:00 pm|Comments (0)

FILE PHOTO — Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo

(Reuters) – Activist investor Carl Icahn sued Dell Technologies on Thursday, alleging that the computer maker did not disclose financial information related to its plans to go public by buying back its tracking stock (DVMT.N).

Icahn, who owns 9.3 percent of Dell, called the proposed deal a “conflicted transaction that benefits the controlling stockholders, at the expense of the DVMT stockholders”.

Dell in July said it would pay $ 21.7 billion in cash and stock to buy back shares tied to its interest in software company VMware Inc (VMW.N), returning the company to the stock market without an initial public offering.

Icahn and other hedge fund investors have resisted the plan, saying the proposed deal massively undervalues the tracking stock.

“We believe this is a threat blatantly deployed in an attempt to coerce DVMT stockholders to vote in favor of the merger, or else risk the unknown consequences of the forced IPO conversion,” Icahn said on Thursday.

Both Dell and Icahn were not immediately available for comment.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Saumyadeb Chakrabarty

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Icahn, Deason to jointly push Xerox to explore selling itself, other options: WSJ
January 22, 2018 6:00 am|Comments (0)

(Reuters) – Investor Carl Icahn and Darwin Deason, the biggest- and third-largest shareholders of Xerox Corp, jointly plan to push the printer and photocopier maker to explore options, including a sale of the firm, the Wall Street Journal reported on Sunday.

Icahn and Deason, who together own 15.7 percent of the photocopier pioneer, have earlier separately called on the company to break off or renegotiate a joint venture with Fujifilm Holdings Corp, saying it was unfavorable to Xerox. Icahn has also called for Xerox CEO Jeff Jacobson to be replaced.

The two shareholders have now formed an alliance and plan to ask Xerox to explore options, including selling itself, breaking off its long-running joint venture with Fujifilm, and immediately firing Jacobson, the Journal reported, citing people familiar with the matter. on.wsj.com/2EYCRHd

The Journal had previously reported that Fujifilm and Xerox were discussing deals, including a change of control of Xerox, though not a full sale.

FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo

In a statement, Xerox said: “The Xerox Board of Directors and management are confident with the strategic direction in which the Company is heading and we will continue to take action to achieve our common goal of creating value for all Xerox shareholders.”

Deason has been asking the company to make public the terms of its deal with Fujifilm, which he called “one-sided”. Xerox has described Deason’s criticism as “false and misleading”.

The five-decade-old joint venture, 75 percent owned by Fujifilm and 25 percent by Xerox, is a pillar of Fujifilm’s business, accounting for nearly half the group’s overall operating profit. It has limited prospects for future growth, however, because of declining demand for office printing.

The reported operating profit of the joint venture, called Fuji Xerox, was about $ 750 million on sales of $ 10 billion in the year ended last March.

Fujifilm declined to comment on the Journal report.

Reporting by Kanishka Singh in Bengaluru; Additional reporting by Makiko Yamazaki in TOKYO; Editing by Peter Cooney and Muralikumar Anantharaman

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