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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
June 30, 1997
XEROX CORPORATION
(Exact name of registrant as specified in its charter)
New York 1-4471 16-0468020
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
800 Long Ridge Road
P. O. Box 1600
Stamford, Connecticut 06904-1600
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:
(203) 968-3000
This document consists of 2 pages.
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Item 5. Other Events
Registrant announced on June 30, 1997 that it had completed acquisition of The
Rank Group plc's ("Rank Group") remaining 20 percent financial interest in
Rank Xerox Limited and related companies (collectively, "Rank Xerox") in a
transaction that gives Registrant 100 percent ownership of the manufacturing
and marketing organization for Europe and parts of Asia and Africa.
The transaction, approved on June 30, 1997 by Rank Group shareholders, is
valued at Pounds Sterling 940 million, or approximately $1.5 billion.
Registrant and Rank Group had announced a memorandum of understanding for the
transaction on June 6, 1997.
Rank Xerox will be changing its name to Xerox Limited.
Under terms of the agreement, Registrant paid Rank Group Pounds Sterling 500
million at the closing on June 30, 1997. The balance will be paid in two
installments: half within one year and the other half at the end of two years.
An additional payment of up to Pounds Sterling 60 million could be made in
2000 based on achievement of significant Rank Xerox earnings growth targets
by 1999.
Registrant believes that this is an excellent move for Registrant and its
shareholders.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly authorized this report to be signed on its behalf by the
undersigned duly authorized.
XEROX CORPORATION
By: MARTIN S. WAGNER
Assistant Secretary
Dated: July 2, 1997
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