Xerox Responds to Carl Icahn and Darwin Deason

NORWALK, Conn., Feb. 20, 2018 – Xerox (NYSE: XRX) today issued the following statement in response to the letter released by Carl Icahn and Darwin Deason on February 20, 2018:

Carl Icahn and Darwin Deason’s letter is consistent with their misguided campaign to undermine Xerox’s combination with Fuji Xerox. The Xerox Board and management team evaluated a range of strategic options for the company and determined that the combination with Fuji Xerox is clearly the superior path forward for Xerox.

Combining with Fuji Xerox will create a global industry leader that leverages the respective strengths of Xerox and Fuji Xerox, maximizes the new company’s ability to innovate and compete in today’s market, and unlocks trapped value by eliminating duplicative efforts between the existing joint venture partners.  

The result is a significant opportunity for shareholders to realize long-term, sustainable value as holders of a stronger company, in addition to receiving the near-term substantial dividend payment at closing. The Xerox Board and management team remain focused on delivering value for shareholders through this transaction and the ongoing improvement of our business.

We will continue to engage directly with our shareholders on the merits of the transaction.

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