Icahn should have never split Xerox and Conduent as it would have saved him the time, cost and effort of launching 2 identical proxy wars. With 1, Johnny V could have received $30 Million (a savings of $10< compared to doing it twice) to oversee the transformation of Xerox in a holding company with a brand and a bit of technology wrapped into it for a premium of $40/share, which makes all of the sheep, I mean shareholders, happy. All of Xerox’s workforce could then have been transferred to Conduent internally, which avoids a lot of red-tape and reduces costs compared to external ‘re-badging’, and then off-shored soon after (Conduent is after all a competitor to HCL). Icahn could then have pocketed all of the cost savings, sold-off any valuable pieces, such as Conduent’s old HR consulting shop (Buck), and then let the rest wither on the vine before being sold to the whatever s---er he could find. The only issue would be Deason as he would likely take it personally if Icahn let Conduent/ACS to die.
This was taken from @YDC6Qp4-1mvs for being on-point