Xerox to split in two; give Icahn 3 board seats

Icahn will be given the seats on the board of the company holding Xerox’s services business, the Journal reported.

Famous as the brand behind the copier machine, now-struggling Xerox will divide itself into one company for hardware operations and another for its services business, according to the Journal.

With a split, Xerox would basically unravel its purchase of Affiliated Computer Services Inc., which it bought in 2010 for $6.2 billion.

According to the report, activist investor Carl Icahn is expected to take three seats on the board of one of the companies.

A Xerox spokesperson declined to comment. The company’s shares lost a quarter of their value in 2015 and an additional 13 percent this year.

An official announcement is expected on Friday from Xerox Corp. that the company will be splitting itself into two. Hewlett-Packard made a decision to split in 2014. “We are changing the way the world shops, learns, parks, publishes, does banking, receives healthcare and more”.

“Now we have to use the distributors”, he said. Midas+, a Xerox company focused on the healthcare market, also acquired Healthy Communities Institute, a Berkeley, California-based company that offered a software-as-a-service platform that centralizes proprietary, healthcare and community data to help hospitals and other health organizations manage population health.

When the news broke, shares in Xerox jumped to an all-day high of $9.97 before closing at $9.23, the same price that it opened the day at.