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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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  "slideType": "preempt_rebuttal",
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  "notes": "Uses a downward arrow graphic to represent value destruction, culminating in a pile of burning money.",
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      "kind": "callout",
      "text": "Do you really believe the new Fuji controlled board will look out for the best interests of Xerox shareholders if management can't achieve the synergies or (like in the past) can't make them flow to the bottom line?",
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      "kind": "callout",
      "text": "END RESULT: Xerox shareholders sold control for $9.80 in cash and a stub share worth a few dollars",
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      "text": "Xerox shareholders sold control for $9.80 in cash and a stub share worth a few dollars",
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      "text": "1. Cost savings don't flow through and synergies miss expectations\n2. The combined company continues to lose market share\n3. Fuji begins to siphon off value, beginning with shuttering Fuji-Xerox's inkjet business\n4. The market realizes minority shareholders have little recourse against Fuji\n5. The stock price plummets as the market extrapolates the downward trend and prices in a massive minority discount",
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      "kind": "title",
      "text": "Just imagine the most plausible worst-case scenario – the result will be massive value destruction for Xerox shareholders",
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