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.

He also said if the new Xerox board makes new proposals, the Japanese company “would consider them only when they benefit Fujifilm shareholders”.