TOKYO: Xerox said its CEO and several board members will step down to settle a suit brought by activist shareholders who had opposed a $6.1 billion deal with Japan’s Fujifilm Holdings.
Shareholders Carl Icahn and Darwin Deason had led a battle over a deal to combine the US company into an existing joint venture, Fuji Xerox.
Chief Executive Jeff Jacobson and six other board members agreed to step down as part of an agreement to resolve the pending proxy battle, Xerox said in a statement.
Xerox’s current board said in a statement that after shareholder feedback on the proposed combination with Fuji Xerox, Xerox approached Fujifilm regarding a potential increase in consideration to be received by Xerox shareholders.
As yet, Fujifilm has not made a proposal to enhance the transaction terms, the statement added.
The new board of directors plans to meet immediately to evaluate strategic alternatives which include terminating or restructuring Xerox’s relationship with Fujifilm and the proposed transaction with Fujifilm.
The two companies had sought to gain scale and cut costs as demand for office printing equipment declines. But the shareholders argued the deal undervalued Xerox, and that Jacobson had pursued a deal with Fujifilm even after the board advised him to halt negotiations.
A representative for Fujifilm could not immediately be reached for comment.
Xerox CEO quits in settlement with shareholders over Fujifilm deal
Xerox CEO quits in settlement with shareholders over Fujifilm deal
Closing Bell: Saudi main index closes in green at 10,917
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated.
The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06.
The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53.
Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59.
Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price.
On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59.
ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56.
Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97.
On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.
The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.
Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase.
Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.
The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.
According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.
Its share price remained unchanged on Nomu at SR16.40.
