- Xerox's (NYSE:XRX) largest individual shareholder, billionaire Darwin Deason, has filed a lawsuit that seeks to block the company's plan to spin off its document outsourcing business into a new publicly traded company.
- Deason, who owns a 6.1% stake in XRX, claims the company would exchange $300M worth of preferred shares he owns for a stake in the legacy copier and printer business instead of in Conduent, which he says is the faster growing business.
- XRX says the lawsuit is without merit, and expects to complete the planned split on schedule.
- XRX’s biggest institutional investor is Carl Icahn's hedge fund which held a nearly 10% stake as of June 30 and has supported the company's break-up plan.