Xerox says it is ending Fujifilm deal, settles with Icahn, Deason
Xerox says it is ending Fujifilm deal, settles with Icahn, Deason. Xerox said on Sunday it was ending a planned $6.1B deal with Fujifilm Holdings and had reached a settlement with activist investors Carl Icahn and Darwin Deason. The company said Chief Executive Officer Jeff Jacobson had resigned and that John Visentin was expected to be the new CEO. Xerox also replaced five directors as part of a board reshuffle.
Xerox said that it had over several weeks repeatedly asked Fujifilm to immediately start talks about improved terms for a proposed transaction.
“Despite our insistence, Fujifilm provided no assurance that it will do so within an acceptable timeframe,” the U.S. firm said in a statement on its decision to drop the deal.
The two companies agreed in January to a complex deal that would have merged Xerox into their Asia joint venture Fuji Xerox and given Fujifilm control. That prompted Icahn and Deason, who own 15 percent of Xerox and argued the U.S. firm was being undervalued, to launch a proxy fight.
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