Xerox Corporation has sent off its own open letter to its shareholders, saying there are strong arguments for its proposed merger with FujiFilm Holdings of Japan.
The letter says Xerox did not just throw together the notion of a merger with FujiFilm; they say it resulted from a lengthy study and they believe it’s the best way forward.
The letter comes from the Xerox Board, which is a target of major shareholders Carl Icahn and Darwin Deason, who are challenging the merger deal and want to take the company in another direction with new leadership. The board says it wants to “set the record straight.”
The board says it’s been doing a strategic review of Xerox’s business portfolio and capital structure since 2015. The first result was the spinoff of Conduent Corporation, and the second the FujiFilm meger to preserve the copier-printer business.