Posted on December 22, 2020
As part of the agreement, Xerox and Icahn will withdraw their nominations for all other candidates for the 2018 Shareholders` Meeting (which is postponed). Xerox says its new board will now launch a process to “assess all strategic alternatives to maximize shareholder value.” In the new agreement announced on Sunday, The former Board of Directors of Xerox made this statement: CONDUENT DEFENDANTS will have or will be able to pay the State the total amount of USD 235,942,000,000 (the amount of compensation) in the full account of related shares, related shares, HHSC shares and all claims that HHSC and/or the State had in the future. In the dispute between Xerox and Fujifilm (“Fuji”), there was a new development: Ostrager J. of the New York Commercial Division refused (i) to certify the alleged class, (ii) approve the proposed class comparison and (iii) award the class`s legal fees in accordance with a Memorandum of Understanding obtained by the Xerox complainants and the alleged class students. The main terms of this agreement – changes to Xerox`s board of directors – came into force before Justice Ostrager`s ruling. First, the Tribunal found that the designated shareholders could not adequately represent the class. Ostrager J.A. found that “the alleged class representatives linked a class that had not been certified for major corporate actions” and that the agreement proposed by the members of the proposed class did not adequately protect the interests of the class, since it protected Xerox`s directors from liability in the Fuji complaint filed at a later date.  About Xerox Xerox Corporation is a technology leader that innovates in the way the world communicates, connects and works. We understand what is at the heart of information exchange – and all the forms it can take. We support the integration of paper and digital technology, the growing demand for mobility and the need for harmonious integration between work and the personal world. Our innovative printing technologies and smart work solutions help people communicate and work better every day.
Find out more about www.xerox.com and follow us on Twitter at @Xerox. The new agreement, once again consensual, between Xerox and two major investors on the proxy fights is again underway. Following a mutual desire to resolve their disputes and avoid the delay, costs, inconveniences and uncertainties of lengthy litigation, the contracting parties have a complete and final settlement of all in the audit reports, statement of denunciation, state action, related measures, HHSC action or any other future action arising from or relating to the conduct covered or related to it in this agreement, whether based on an unlawful act, contract or any other source of law, including any claim based on the regulation, enforcement or police violence of the State of Texas.