NORWALK (dpa-AFX) - Xerox Holdings Corp. (XRX) shareholder STARTEEPO announced on Friday that it intends to intensify discussions with the company's management and board following 'disappointing third-quarter results and reduced guidance.'
STARTEEPO, that beneficially owns 7.34% of Xerox Holdings in stocks and options, urged the company to explore strategic alternatives for its Xerox Financial Services unit and potentially Xerox as a whole.
The investor said it supports Xerox's decision to suspend its common and preferred dividends and prioritize debt reduction and balance sheet improvement.
STARTEEPO said improved disclosures around Xerox Financial Services had increased transparency and described the business as a 'hidden gem' within Xerox's portfolio.
The investor also proposed restructuring Xerox's outstanding warrants to facilitate a debt-for-equity exchange, which it said could help accelerate deleveraging.
STARTEEPO reiterated its view that Xerox could be worth about $3.3 billion, or $18 per share, based on precedent transactions, if the company pursues strategic alternatives.
Shares of Xerox were down 15.66% to $1.4050 on the Nasdaq.
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