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  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-04-17 00:00:00",
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  "notes": "Uses a comparison table to expose a valuation gap.",
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      "kind": "callout",
      "text": "Xerox Board's Illustrative Value is 60% overstated, and the outcome will be far worse if the proposed synergies are not realized or – like Xerox's recent “cost savings” – are offset entirely by additional cost creep",
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      "text": "Even if shareholders believe the market will not apply a “minority discount” to Xerox post-closing (which Xerox has acknowledged is a risk1), a more sensible analysis of the transaction reveals Xerox shareholders will only receive ~$28 of value per share",
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      "text": "Xerox Board's Illustrative Value is 60% overstated, and the outcome will be far worse if the proposed synergies are not realized or – like Xerox's recent \"cost savings\" – are offset entirely by additional cost creep",
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      "text": "Comparison of Xerox Board's view ($45) vs Our view ($28) across four components: Cash Dividend, Additional Ownership, Standalone Xerox, and Capitalized Synergies.",
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