Icahn, Deason criticize Xerox's proposed deal with Fujifilm

Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.
David A. Grogan | CNBC

Xerox shareholders Carl Icahn and Darwin Deason strongly criticized the company's plan to sell itself to Japan's Fujifilm, saying the transaction "dramatically undervalues Xerox and disproportionately favors Fuji."

"We urge you our fellow shareholders do not let Fuji steal this company from us," Icahn and Deason said in an open letter.

Icahn and Deason respectively the No. 1 and No. 3 Xerox shareholders with a combined stake of over 15 percent in January pushed the company to explore strategic options.

On Jan. 31, Fujifilm said it was set to take over Xerox in a $6.1 billion deal and combine it into their existing joint venture, Fuji Xerox.

Xerox could not immediately be reached for comment.