Carl Icahn and Darwin Deason are a couple of seasoned billionaire investors, who know a bad deal when they see it, and they definitely don’t like the $6.1 billion deal announced last month to combine Fuji with Xerox. In a blog post published today, they are urging fellow shareholders to reject the offer.

You may recall that it was Icahn and Deason, who together own a 15 percent stake in the printing a copier giant, demanded that Xerox be put up for sale last month. Oh and while they were at it, they also demanded that CEO Jeff Jacobsen be fired immediately. These guys most definitely do not mess around.

But in a case of being careful what you wish for (or demand), Xerox did what it was told, but Icahn and Deason don’t like the terms They believe they unfairly favor Fuji and allows them take Xerox and incorporate it into their company without any assurances that investors like them will get what they see as a fair return.

In a joint statement published on Ichan’s website, the two billionaires did not pull any punches on what they thought of the deal (nothing much, nothing much) when they stated, “The transaction has a tortured, convoluted structure, but it was best summarized by Shigetaka Komori, Fuji’s Chairman and CEO, when he boasted to the Nikkei Asian Review that the “scheme will allow us to take control of Xerox without spending a penny,” they wrote in their blog post.

Neither are they thrilled with the way that Fuji has been run in the past, but beyond governance, it really appears to be an issue of pure economics for the pair. “Beyond the issues of control and governance of our…