Activist investors Carl Icahn and Darwin Deason would consider a bid for Xerox Corp. of at least $40 per share, or a split with Fujifilm that will leave the company independent, to resolve an ongoing proxy fight, they said in a letter on Monday.
The letter comes after Xerox on Friday appealed a New York court ruling to block its deal with Fujifilm Holdings, just hours after the printer and copier maker announced that its ousted CEO and directors would remain in place.
Shares of Xerox (XRX) were marginally down at $28 in afternoon trading.
In February, Japan’s Fujifilm said it is set to takeover Xerox in a $6.1 billion deal, combining the U.S. company into their existing joint venture to gain scale and cut costs amid declining demand for office printing.
Icahn and Deason, who were already questioning the Fujifilm joint venture agreement, have opposed the merger since it was announced saying it dramatically undervalues Xerox.
In April, both Icahn and Deason, suggested alternatives to the printer maker’s proposed merger, including a plan for the U.S. company to monetize some assets.
The activist investors said in a letter in April, that the their plan will create total value of $54 to $64 per share compared to the approximate $28 per share in the Fujifilm deal.
Xerox did not immediately respond to a request for comment.
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