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XRX

Xerox

$31.12

0.25 (0.81%)

06:07
02/27/18
02/27
06:07
02/27/18
06:07

Darwin Deason seeks to nominate new Xerox board

In a regulatory filing, activist investor Darwin Deason said it is seeking to nominate a full slate of directors to Xerox's board at the company's annual meeting, despite missing a deadline for putting forth directors. The investor said, "While the deadline for seeking such nomination was December 11, 2017, a stockholder of a New York corporation has the right to nominate directors at an annual meeting after the nomination deadline has passed in the event of a 'material' change in circumstances caused by the directors of the subject corporation after the nomination deadline. More than six weeks following the nomination deadline, the Xerox Board of Directors made a series of very significant decisions and disclosures that were highly material to the stockholders' decisions concerning potential nomination of directors... Further, I requested and demanded the very information that was withheld by the Xerox Board of Directors prior to the nomination deadline. The Xerox Board of Directors only disclosed the information I requested six weeks after the nomination deadline of December 11, 2017. Therefore, I now have the right under the Xerox Certificate of Incorporation, the Xerox By-Laws and applicable law to a waiver of enforcement of the nomination deadline to permit shareholders to propose the nomination of directors for consideration and election by Xerox shareholders at the upcoming 2018 shareholder annual meeting. In light of these circumstances, all Xerox shareholders should have a chance to vote on all directors at the annual meeting. Xerox shareholders should be afforded a clear choice and a chance to affect their will concerning Xerox's future. Accordingly, through this letter, I hereby affirmatively request that the Xerox Board of Directors waive enforcement of the nomination deadline set forth in Section 6 of Article I of the Xerox By-Laws and permit shareholders to propose the nomination of a full slate of directors for consideration and election by Xerox shareholders at the upcoming 2018 shareholder annual meeting."

XRX Xerox
$31.12

0.25 (0.81%)

12/07/17
LOOP
12/07/17
NO CHANGE
Target $38
LOOP
Buy
Xerox offers positive near-term outlook and cost savings, says Loop Capital
Loop Capital analyst Ananda Baruah kept his Buy rating and $38 price target after meeting with management of Xerox yesterday. Baruah says the company continues to offer compelling near-term catalysts, namely a "reasonable December quarter guidance", 4-8 quarter setup with savings not accounted for by consensus, and incremental revenue growth initiatives. The analyst says the stock is valued attractively and should have traded up 5% rather than down 15% after the September quarter results, since it exceeded the Street operations metrics views excluding one-time items.
01/31/18
STPT
01/31/18
DOWNGRADE
STPT
Hold
Xerox downgraded to Hold from Buy at Standpoint Research
Standpoint Research analyst Ronnie Moas downgraded Xerox to Hold, citing the company's deal to merge with the Fuji Xerox joint venture.
02/05/18
UBSW
02/05/18
UPGRADE
Target $38
UBSW
Buy
Xerox upgraded to Buy from Neutral at UBS
UBS analyst Steven Milunovich upgraded Xerox to Buy and raised his price target for the shares to $38 from $34.50. The analyst is positive on "deal optionality" from the Fuji Xerox merger and notes the company's fundamentals are improved following the Q4 results. The market is underappreciating "upside optionality" from Fuji Xerox deal, according to which shareholders would receive $9.80 per share in cash and 50% of the new Fuji Xerox, Milunovich tells investors in a research note. His post-deal theoretical valuation for Xerox is $40 per share.
02/12/18
UBSW
02/12/18
NO CHANGE
Target $38
UBSW
Buy
UBS confident in potential deal between Xerox and Fujifilm
UBS analyst Steven Milunovich met with Xerox (XRX) management to discuss its potential deal with Fujifilm (FUJIY) and came away confident both were on the same page, that Jacobson is a good CEO choice to implement tough decisions, and that synergies will be achievable. Milunovich has a Buy rating and $38 price target on Xerox shares.

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