Major investor Darwin Deason has nominated a full slate of ten directors to replace Xerox Corp’s existing board at the company’s upcoming AGM, in his latest bid to block Fujifilm from taking over the company.
Deason says that he has a right to nominate directors, despite missing a deadline, because the current board had made a series of decisions and disclosures material to stockholders after the deadline.
The attempt to change the board follows a lawsuit filed earlier this month as Deason and fellow shareholder Carl Icahn try to stop Japan’s Fujifilm Holdings from taking over Xerox in a $6.1 billion deal that would combine Xerox with existing joint venture Fuji Xerox.
The two investors, who control 15 percent of Xerox, say the proposed deal dramatically undervalues Xerox and disproportionately favors Fujifilm.
Xerox was not immediately available for comment, according to Reuters.
Xerox chief technology officer Steve Hoover said last week: “Change is here…we are not naïve, we know it will take work to dissolve the joint venture partner walls and integrate as a unified one-company team.”
The company holds its annual meeting in May.