Major Xerox Shareholder Sues to Block Spinoff

Xerox’s (NYSE: XRX) plan to spin off its document outsourcing business into a new publicly traded company called Conduent could be in jeopardy: Its largest individual investor is suing the company to block the split. Darwin Deason, who owns 6.1% of Xerox stock, states that his preferred convertible shares of Xerox, obtained through the $6.4 billion sale of outsourcing firm ACS (which he founded) to Xerox in 2010, would be stuck with Xerox instead of Conduent — which Deason claims would be the faster growing business. …read more

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Category: XRX

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