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Jilted Fujifilm seeking $1 billion in damages from failed merger News 

Jilted Fujifilm seeking $1 billion in damages from failed merger

CNN Money reports Japan’s Fujifilm Holdings Corp. is seeking more than $1 billion in damages from Xerox in district court in New York, over the failed Fuji Xerox merger. The amount is significantly higher than the $183 million termination fee built in to the deal. Fujifilm filed the following notice: Notice of Filing a Suit for Damages against Xerox Corporation FUJIFILM... Read More
Not so fast: Fujifilm looking to sue Xerox for deal cancellation News 

Not so fast: Fujifilm looking to sue Xerox for deal cancellation

At an earnings briefing last week, Fujifilm Holdings Corp. Chief Operating Officer Kenji Sukeno said the spurned company will seek legal remedies after Xerox Corp. pulled out of the proposed merger with Fujifilm subsidiary, Fuji Xerox. Reuters reports Sukeno said Xerox has no legal right to unilaterally terminate the deal and that the deal is in the best interests of Xerox shareholders.... Read More
Reversal of fortune: Xerox scuttles Fuji Xerox merger, acquiesces to activists News Press releases 

Reversal of fortune: Xerox scuttles Fuji Xerox merger, acquiesces to activists

The board of Xerox Corp. announced yet another change in direction, this time embracing change proposed by dissident investors Carl Icahn and Darwin Deason. The company has terminated its proposed combination with Fuji Xerox, and replaced half of its board. CEO Jeff Jacobson resigned (again), after rejoining the company last week.  The new board will now investigate measures to “maximize... Read More
Xerox reaches agreement with Carl Icahn and Darwin Deason, Xerox CEO resigns News Press releases 

Xerox reaches agreement with Carl Icahn and Darwin Deason, Xerox CEO resigns

Editor’s note: Unmentioned in the release below is the announcement Xerox CEO Jeff Jacobson resigned. According to CNBC, Jacobson and six other current Xerox board members, including Chairman Robert Keegan, are stepping down. The move also puts into doubt the proposed combination of Fuji Xerox and Xerox, which activist investors Carl Icahn and Darwin Deason oppose. As stated below, the “Board... Read More
Fuji Xerox merger talks reopened News 

Fuji Xerox merger talks reopened

Reuters reports Xerox Corp chairman Robert Keegan told a New York state court Xerox and Fujifilm Holdings Corp. have reopened negotiations about their $6.1 billion agreement to merge the Japanese Fuji Xerox business with Xerox, into a new worldwide Fuji Xerox entity. The merger has faced opposition from activist shareholders Carl Icahn and Darwin Deason, who say the selling price... Read More
Activist shareholder alleges Xerox CEO sought unauthorized Fujifilm merger News 

Activist shareholder alleges Xerox CEO sought unauthorized Fujifilm merger

Activist shareholder Darwin Deason has filed a lawsuit alleging Xerox CEO Jeff Jacobson disregarded board directives to pursue the merger of Xerox with Fuji Xerox, according to Reuters. In January, Fujifilm Holdings and Xerox inked a $6.1 billion deal to combine the U.S. company into their existing joint venture, Fuji Xerox, but the announcement met with resistance from Deason and Carl... Read More
Xerox reinforces significant benefits of its proposed combination with Fuji Xerox News Press releases 

Xerox reinforces significant benefits of its proposed combination with Fuji Xerox

MAR 07, 2018 — CORPORATE NORWALK, Conn. —  The Board of Directors (the “Board”) of Xerox (NYSE: XRX) today issued the following letter to Xerox shareholders, reinforcing its belief in the significant benefits of the Company’s proposed combination with Fuji Xerox: *** Dear Xerox Shareholders, On January 31, 2018, Xerox announced its plans to combine with Fuji Xerox – the joint... Read More
Deason, Icahn at odds with Fuji Xerox merger News 

Deason, Icahn at odds with Fuji Xerox merger

Investors Carl Icahn and Darwin Deason are opposing the proposed merger of Fuji Xerox and Xerox, detailing in an open letter – reprinted below – their points. Also, Deason filed a lawsuit on February 13 seeking to enjoin the transaction, terminate the Xerox/Fuji joint venture lock-up and joint venture agreements and pursue strategic alternatives for Xerox. Defendants in the suit included... Read More
Opinion: Xerox acquisition positions Fuji Xerox for not just survival, but growth Opinion 

Opinion: Xerox acquisition positions Fuji Xerox for not just survival, but growth

The merger announcement between Xerox and Fuji Xerox last week started the next chapter of the nearly six decades-long joint venture between U.S.-based Xerox and Japan’s Fujifilm. The merger had been long expected, and had been accelerated with the insistence of shareholder activists Carl Icahn and Darwin Deason. The combination is expected to improve the profitability and competitiveness of Fuji... Read More
FUJIFILM Holdings and Xerox Announce Agreement to Combine Fuji Xerox Joint Venture with Xerox News Press releases 

FUJIFILM Holdings and Xerox Announce Agreement to Combine Fuji Xerox Joint Venture with Xerox

Creates a Global Leader in Innovative Print Technologies and Intelligent Work Solutions NORWALK, Conn. and TOKYO — Xerox shareholders to receive a $2.5 billion special cash dividend, or approximately $9.80 per share, and 49.9% of the combined company; Fujifilm to own 50.1% Combined company to deliver at least $1.7 billion in total cost savings, with $1.2 billion to be achieved... Read More
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