Fujifilm not giving up on Xerox deal, but won’t sweeten it, either

Shigetaka Komori
Shigetaka Komori, chairman, Fujifilm Holdings

In an interview with the Nikkei Asian Review, Fujifilm Holdings‘ Chairman Shigetaka Komori conceded the nearly year-long campaign to acquire a 51-percent stake in Xerox Corp. through the purchase of the Fuji Xerox joint venture. Soon after, activist investors Carl Icahn and Darwin Deason not only opposed the merger but lead a boardroom coup resulting in the replacement of Xerox’s top management.

In the interview, Komori said the Fuji Xerox joint venture will continue and he is still open to acquiring Xerox, even at this unlikely juncture.

“We haven’t given up on acquiring Xerox but we will not take the initiative at this point. We are not going to try to persuade Xerox,” he said.

Komori added Fujifilm Holdings’ shareholders oppose sweetening the original offer, and would not be offering another.