Xerox rebuffs Deason's board nomination plans

[March 02, 2018]  (Reuters) - Xerox Corp said activist investor Darwin Deason does not have any right to nominate directors to the company's board outside of the nomination window, following his attempt to nominate a full slate of directors.

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

Deason had attempted to change the board following a lawsuit filed earlier this year as he and fellow shareholder Carl Icahn try to stop Japan's Fujifilm Holdings Corp <4901.T> from taking over Xerox in a $6.1 billion deal.

The two investors, who control 15 percent of Xerox, argue the transaction dramatically undervalues the company and "disproportionately" favors Fuji.

Deason had said on Monday he has a right to nominate directors, despite missing a deadline, because the current board had made a series of significant decisions and disclosures to stockholders after the deadline.

A representative for Deason was not immediately available for comment outside regular business hours.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Anil D'Silva)

[© 2018 Thomson Reuters. All rights reserved.]

Copyright 2018 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.