(Reuters) – Xerox Corp (XRX.N) said activist investor Darwin Deason does not have any right to nominate directors to the company’s board outside of the nomination window, following his attempt to nominate a full slate of directors.
Deason had attempted to change the board following a lawsuit filed earlier this year as he and fellow shareholder Carl Icahn try to stop Japan’s Fujifilm Holdings Corp (4901.T) 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.
Deason had said on Monday he has a 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.
A representative for Deason was not immediately available for comment outside regular business hours.
Reporting by Arjun Panchadar in Bengaluru; Editing by Anil D’Silva