Fujifilm sues Xerox over aborted merger, seeks more than $1 billion

Fujifilm sues Xerox over aborted merger, seeks more than $1 billion

Fujifilm sued Xerox on Monday for well over $1 billion plus punitive damages, accusing it of succumbing to pressure from activist investors Carl Icahn and Darwin Deason in abandoning a proposed $6.1 billion merger. Fujifilm accused Xerox of engaging in “intentional and egregious conduct” in calling off the merger, after the photocopier company reached a settlement with Icahn and Deason that handed control to new management, according to the complaint filed with the U.S. District…

Read More

Xerox shares down after board cans Fujifilm deal

Xerox shares down after board cans Fujifilm deal

Xerox (NYSE:XRX) shares fell 4 percent on Monday after the photocopier pioneer said it scrapped a planned $6.1 billion deal to merge with Fujifilm. The decision hands victory in one of the biggest ongoing U.S. proxy fights to activist investors Carl Icahn and Darwin Deason, who say they can secure better offers for the company than the deal with Fujifilm. Some Tokyo-based analysts warned a long renegotiation of price and terms as well as attempts…

Read More