AGL 40.02 Increased By ▲ 0.02 (0.05%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.49 Decreased By ▼ -0.02 (-0.44%)
DCL 8.59 Increased By ▲ 0.04 (0.47%)
DFML 41.79 Increased By ▲ 0.35 (0.84%)
DGKC 87.70 Increased By ▲ 0.85 (0.98%)
FCCL 32.64 Increased By ▲ 0.36 (1.12%)
FFBL 65.02 Increased By ▲ 0.22 (0.34%)
FFL 10.26 Increased By ▲ 0.01 (0.1%)
HUBC 109.69 Increased By ▲ 0.12 (0.11%)
HUMNL 14.70 Increased By ▲ 0.02 (0.14%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.57 Increased By ▲ 0.11 (1.47%)
MLCF 41.41 Increased By ▲ 0.03 (0.07%)
NBP 59.70 Decreased By ▼ -0.71 (-1.18%)
OGDC 193.80 Increased By ▲ 3.70 (1.95%)
PAEL 28.40 Increased By ▲ 0.57 (2.05%)
PIBTL 7.79 Decreased By ▼ -0.04 (-0.51%)
PPL 151.75 Increased By ▲ 1.69 (1.13%)
PRL 26.44 Decreased By ▼ -0.44 (-1.64%)
PTC 16.17 Increased By ▲ 0.10 (0.62%)
SEARL 84.00 Decreased By ▼ -2.00 (-2.33%)
TELE 7.64 Decreased By ▼ -0.07 (-0.91%)
TOMCL 35.52 Increased By ▲ 0.11 (0.31%)
TPLP 8.10 Decreased By ▼ -0.02 (-0.25%)
TREET 16.08 Decreased By ▼ -0.33 (-2.01%)
TRG 52.63 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.38 Increased By ▲ 0.22 (0.84%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,812 Increased By 456.3 (0.49%)
KSE30 29,062 Increased By 130.9 (0.45%)

Buyout firm Apollo Global Management LLC has approached Xerox Corp to express interest in a possible acquisition, casting new uncertainty over the US printer company's $6.1 billion sale to Japan's Fujifilm Holdings , people familiar with the matter said on Wednesday.
The development marks the latest twist in Xerox's saga. On Tuesday, Xerox said its chief executive, Jeff Jacobson, and most of its board will step down to settle a lawsuit by activist shareholders Carl Icahn and Darwin Deason. Apollo's interest in Xerox has been reinforced by the appointment of John Visentin as the company's new CEO, the sources said. Visentin was previously CEO of Novitex Enterprise Solutions and also chairman of Presidio Inc, two companies in which Apollo invested.
There is no certainty that Apollo's approach will entice Xerox or that it will lead to a deal. Fujifilm has said it will challenge a court order suspending its deal with Xerox, while the new board of the latter reviews it. The sources asked not to be identified because the approach is confidential. Apollo and Xerox declined to comment, while Fujifilm did not immediately respond to requests for comment. Deason declined to comment while Icahn could not be reached for comment.
Xerox shares pared losses on news of Apollo's approach, and were down 5.8 percent at $30.42 on Wednesday afternoon after plunging as much as 8 percent on news of the outcome of Icahn and Deason's legal challenge. Xerox has a market capitalization of $7 billion. As part of the settlement with Icahn and Deason announced on Tuesday, Xerox said its board of directors would meet immediately to begin evaluating all strategic alternatives to maximize shareholder value, including ending or restructuring Xerox's deal with Fujifilm. Icahn and Deason had already won a rare court order to temporarily block the deal, which they said undervalued Xerox.

Copyright Reuters, 2018

Comments

Comments are closed.