Xerox says it is ending Fujifilm deal, settles with Icahn, Deason

Xerox says it is ending Fujifilm deal, settles with Icahn, Deason

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Xerox says it is ending Fujifilm deal, settles with Icahn, Deason

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.

 

The company said earlier this month that the CEO and board changes were planned. Xerox now appeared likely to go up for sale in an auction. Read more here.

 

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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