March 2, 2018 / 11:48 AM / 15 days ago

UPDATE 2-Deason sues Xerox to allow new board nominations

(Adds details from Icahn and Deason statement, share price)

By Arjun Panchadar

March 2 (Reuters) - Hedge fund manager Darwin Deason filed a new lawsuit against Xerox Corp on Friday after it refused to allow him to make nominations to its board after a deadline, the latest blows in a row over its proposed merger with Fujifilm Holdings Corp.

Deason said on Monday he had the right to nominate directors, despite missing a deadline, because the current board had made a series of significant decisions and disclosures to stockholders after the deadline.

Xerox earlier on Friday said Deason did not have the right to nominate directors outside of the nomination window. (

Deason and fellow shareholder and hedge fund manager Carl Icahn are trying to stop Japan’s Fujifilm from taking over Xerox in a $6.1 billion deal.

The two investors, who control 15 percent of Xerox, argue the transaction dramatically undervalues the company and “disproportionately” favors Fuji.

"We need a strategy that is grounded in reality, not wishful thinking. In the coming weeks, that is exactly what we will lay out for your consideration" Icahn and Deason said in a joint statement. (

Shares of Xerox were down 1.5 percent at $30.10 in early trading. (Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila and Patrick Graham)

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