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Xerox gains on deal speculation after disclosing chairman, director are stepping down.
Xerox Holdings rose 1.7% after the company disclosed that Chairman Keith Cozza and director Cheryl Krongard would be stepping down, sparking some potential takeover speculation. Xerox (XRX) earlier said the directors wouldn’t be standing for reelection at the company’s upcoming annual meeting on May 19, according to an 8-K filing. Their decisions not to stand for election weren’t due to any disagreement with respect to the operations, policies or practices of the company. With the departures, the size of Xerox’s board will be shrunk to 8 from 10. The departures come as Xerox, where activist Carl Icahn is the largest holder with an over 20% stake, has been the subject of takeover speculation in recent years and after XRX ended its hostile bid for HP (HPQ) in March 2020.Dealreporter earlier highlighted that the company has been on the radar screen as potential breakup candidate after some bonus arrangements that were disclosed earlier this year. Cozza, who was formerly CEO of Icahn Enterprises (IEP), was appointed to the Xerox board in 2018 due to a settlement between the company and Icahn. Recall in July, Bernstein analyst Toni Sacconaghi wrote that he didn’t rule out the possibility that Xerox (XRX) could circle back for another go at acquiring HP
https://seekingalpha.com/news/3817002-xerox-gains-on-deal-speculation-after-disclosing-chairman-director-stepping-down
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