Xerox aborts £6.1bn Selling to Japan's Fujifilm

Xerox aborts £6.1bn Selling to Japan's Fujifilm

Xerox said in a statement on Saturday that it chose to terminate the merger agreement because of Fujifilm's failure to provide audited financials for the joint venture on time.

Xerox's share price had climbed to $30.18 at the end of last week.

Xerox added that Jeff Jacobson had resigned from his role as the company's CEO, along with 5 board members who were replaced by 5 new members. "Despite our insistence, Fujifilm provided no assurance that it will do so within an acceptable timeframe".

"Xerox today announced that, at 5:00 p.m. ET on May 13, 2018, it notified Fujifilm that the previously announced transaction agreement to combine Xerox with Fuji Xerox is being terminated in accordance with its terms", Xerox said in a statement. Amid pressure from Icahn and Deason, the company had said last week it intends to resume discussions with Xerox on a potential combination on "superior terms", but it had not received a new proposal from the American company.

According to Bloomberg, John Visentin is expected to become the new CEO of the firm while Keith Cozza, CEO of Icahn Enterprises, is expected to become Chairman.

Xerox said earlier this month that it was seeking better terms for a proposed merger with Fujifilm.

Helping Icahn and Deason's case was a court decision in late April that temporarily blocked the planned merger with Fujifilm. Toyama Chemical will be combined with its Fujifilm RI Pharma unit effective October 1, Fujifilm said in a statement Monday.

Cowboys DT Maliek Collins suffers broken foot in OTAs
The Atlanta Falcons have signed former Washington Redskins defensive tackle Terrell McClain , the team announced on Friday. The Cowboys will likely be looking for a short-term team-friendly deal that can help bolster this defensive line.

Fujifilm said it would urge the new board of Xerox to reconsider. The lawsuit also claimed that the company's board breached its fiduciary duties.

However, Xerox said it had repeatedly requested new negotiations be opened between the two businesses on the deal.

Xerox's former board said it believes the transaction can not be completed under the circumstances, citing a court injunction and "the lack of shareholder support for the transaction on current terms".

Icahn said in a statement he's extremely pleased that Xerox ended the deal.

"The board also considered the potential instability and business disruption during a proxy contest". Xerox says its new Board of Directors will now begin a process to "evaluate all strategic alternatives to maximize shareholder value".

The iconic U.S. printer and copier company announced the move in a statement late Sunday, saying it had reached a new agreement with activist investors Carl Icahn and Darwin Deason, who had bitterly opposed the Fujifilm deal.

Related Articles

  • Walmart may have to take Flipkart public

    Walmart may have to take Flipkart public

    Softbank backed Snapdeal in the hope that the e-tailer would challenge Flipkart's dominance in the e-commerce space. Walmart founder Sam Walton's grandson, Steuart Walton, is reportedly likely to join Flipkart's board of directors.
    Sitharaman to be IT department lawyer, taunts Chidambaram

    Sitharaman to be IT department lawyer, taunts Chidambaram

    Chidambaram , and his family.I am starting to wonder if for the Congress party in India, we are seeing a Nawaz Sharif moment". His family members have said the charges were baseless as the overseas investments had been shown in their IT returns.
    PM Modi 'Influencing' Karnataka Elections By Visiting Nepal, Says Congress

    PM Modi 'Influencing' Karnataka Elections By Visiting Nepal, Says Congress

    He visited the Pashupatinath temple in Kathmandu , the most sacred and oldest temple to Lord Shiva in that country. Oli said Indian PM Modi had agreed to implement the past pacts between two countries without further delay.
  • Five students dead, 12 missing after Pakistan bridge collapses

    Five students dead, 12 missing after Pakistan bridge collapses

    After which it collapsed into the river, claiming 6 lives, while bodies of 6 more are being searched for. Police said five bodies have been recovered as of now and efforts are on to rescue the missing tourists.
    Price of petrol raised by 17 paisa, diesel by 23 paisa

    Price of petrol raised by 17 paisa, diesel by 23 paisa

    Since the start of this financial year, petrol prices have gone up by Rs 1.24-1.32 per litre across the metro cities. Oil companies in India have the mandate to carry out daily revisions in the prices of petrol and diesel.
    BJP-led govt in Goa will complete its tenure: Amit Shah

    BJP-led govt in Goa will complete its tenure: Amit Shah

    In the past, BJP workers used to celebrate even if a party candidate could manage to save his deposit in polls, he said. "I told Parrikarji to take care of his health".
  • Newcastle United Mike Ashley calls on Rafael Benitez to stay

    Newcastle United Mike Ashley calls on Rafael Benitez to stay

    My job is to be sure that the players are focused on the last game and if we can do well, I will enjoy the moment. Benitez said: "If we want to achieve something, we have to understand the way to do that".
    PM Abadi leading Iraq election, Sadr strong

    PM Abadi leading Iraq election, Sadr strong

    But the defeat of Islamic State and Abadi's campaign to eradicate Iraq's rampant corruption improved his standing. The nationwide popular vote does not directly correspond to the amount of seats each list gains in parliament.
    Woman kicked off flight sues United Airlines claiming racial discrimination

    Woman kicked off flight sues United Airlines claiming racial discrimination

    In the complaint, she mentions that how her children marched out of the plane like criminals, and how humiliating it was for her. The trio were on their second leg of a three-flight journey to Ontario, Canada after they has flown from Lagos.
  • Mets activate Jacob deGrom from disabled list

    Mets activate Jacob deGrom from disabled list

    The Phillies had not announced their Sunday starter as of Saturday night, but it will be Zach Eflin or Aaron Nola (5-1, 2.05). Jacob deGrom has not allowed an ER in his last three starts and he has a solid 2.78 ERA in his career against the Phillies.
    New Bayern deals for Robben and Rafinha

    New Bayern deals for Robben and Rafinha

    Brazilian fullback Rafinha has also committed to another year with the Bundesliga champions. Bayern Munich's Arjen Robben (right) looks to round Arsenal goalkeeper Petr Cech.
    McCutchen, Giants hope to solve Pirates

    McCutchen, Giants hope to solve Pirates

    Jameson Taillon will take the mound for the eighth time of the campaign, targeting his first win since April 8th. Pirates starter Chad Kuhl gave up three runs and six hits in six innings, with six strikeouts and four walks.